Valor Real Estate Partners and QuadReal Property’s European logistics venture has made its first Amsterdam development site acquisition, with plans to build a €60m distribution centre.
The partnership has acquired the West Amsterdam site from Intospace for the 33,000sqm project.
Matthew Ganas, SVP at Valor, said: “This transaction further reinforces our high-conviction thesis that developing best-in-class last-mile logistics and distribution space in supply-constrained markets can generate significant alpha.
“The Amsterdam market in particular is well positioned to continue outperforming other European markets, as a result of the encouraging economic outlook and ongoing e-commerce penetration, with relatively tight supply set to be exacerbated by ongoing regeneration initiatives transforming much of the existing industrial stock inside the main ring road into new homes.”
Thomas Blangy, SVP at QuadReal Property, said: “This is the first development acquisition for our joint venture in the Netherlands, and aligns with our global investment strategy of targeting high-growth logistics hubs in key target markets, as Amsterdam is one of the most attractive markets in Europe.
“Together with Valor, we have built a robust portfolio of high-quality, well-located industrial assets across Europe and the UK and, once completed, this site will bring our partnership footprint to over 615,000sqm.”
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