Global investment house AEW has completed the off-market acquisition of two fully-let Grade A logistics assets in the Netherlands on behalf of a separate account mandate for a German Pension Fund.
Financial details were not disclosed.
The assets, dubbed Slego 1 & 2, comprise a total of 28,000 m2, and are situated in the Westpoort area of Amsterdam. The transaction represents the mandate’s first investment in the Netherlands.
The acquisition has been structured as two separate sale and lease back transactions with 10-year firm triple net leases on each property. One of the properties is occupied by subsidiaries of B&S Group, the consumer goods distributor, which is listed on the Euronext Amsterdam and majority owned by the vendor.
Jennifer Grune, fund manager at AEW, commented: 'Slego 1 & 2 offer our client income from day one on a long weighted average lease term. The properties are of exceptional quality and well maintained with specifications suited for modern occupiers and multi-let purposes.
'Westpoort is a strong location and an established logistics hub, providing access to Amsterdam’s city centre and nearby infrastructure including the port and airport.'
Developed for the vendor in 2017 and 2014 by Minerva Development, Slego 1 & 2 feature 22 loading bays, led lighting and ancillary office space.
Solar panels are also installed on the roof of Slego 2, with both properties scoring high energy ratings of EPC A (Slego 1) and A+++ (Slego 2).
Frederique Weber, country manager for The Netherlands at AEW, added: 'This transaction presents an attractive opportunity to acquire Grade A logistics assets in a strategic location.
'This addition of Slego 1 & 2 further expands our Dutch portfolio as we continue to selectively grow our presence in the region, and demonstrates our ability to source high quality deals from our strong network on an off-market basis.'
