Global real estate investment manager AEW has agreed to forward fund the development of a 49,000 m2 fully automated logistics asset in Ridderkerk, near Rotterdam in the Netherlands.
The fulfilment center is being developed by Impact Vastgoed and is pre-let to Picnic, a provider of online grocery deliveries, on a long-term lease.
The project is being acquired by AEW on behalf of its Eurocore open-ended pan-European core fund.
The property will house a fully automated system over three levels with ancillary office space and 360 car parking spaces. The scheme is targeting at least a BREEAM ‘Very Good’ rating and is expected to complete by the end of 2022.
This represents the seventh investment on behalf of Eurocore, which held its first close in January 2021 and has raised €470 mln of equity commitments until now. The open ended fund aims to provide stable, long term income returns by investing in a diversified, future-proof portfolio of core logistics, residential and office assets in mature and growing markets in Europe’s major cities. The current portfolio comprises assets in the logistics, residential and life sciences sectors across the Netherlands, Germany, Austria and Denmark.
Christina Ofschonka, senior fund manager of Eurocore at AEW, commented: 'Eurocore was launched to capitalise on the megatrends driving demand for real estate; the growth of e-commerce and the localisation of supply chain networks continue to underpin the need for strategically located (last mile) warehouse space.With recent additional successes in capital raising, the total equity of the fund now stands at €470 mln with 70% of the first close equity being already drawn. With our teams all across Europe we continue to search for interesting opportunities throughout the core markets across Europe.'
AEW was advised by Loyens & Loeff and Cushman & Wakefield.
Impact Vastgoed was advised by CBRE.
