Global investment and management firm AEW has acquired a Grade A distribution warehouse development in Utrecht, the Netherlands, in a sale and leaseback transaction with DHL.
Financial details were not disclosed.
The deal was executed on behalf of a German pension fund and the 15,200 m2 asset will benefit from a 10 year lease with DHL Parcel. The property will be Breeam certified.
Frederique Weber, country manager for The Netherlands at AEW, commented: 'This high quality development is let to a strong covenant.
The transaction expands our logistics footprint in the Netherlands, where we believe the fundamentals driving the growth of the logistics market, namely the rise of e-commerce and urbanisation, will continue, regardless of the uncertainty the world is experiencing due to Covid-19. Furthermore, it also develops our strong partnership with DHL across Europe.'
This is AEW's fourth acquisition for the separate account mandate since inception in 2019, following acquisitions in Germany, Finland and Spain. The mandate has a pan-European strategy and aims to establish a diversified real estate portfolio focused on commercial and residential assets located in growth markets.
Lars-Henning Pylla, separate account manager at AEW, added: 'The current situation in the European and international real estate markets requires a deliberately selective and forward-looking investment and asset management strategy.
'In addition to the expected requirements for short to medium-term storage capacities due to COVID-19-related changes in the value chain, we believe that a strategic location and tenant covenant continue to drive returns.'
AEW was advised by Houthoff, Yester & Morrow, 3Stone and Cushman & Wakefield.
