CBRE Global Investors has acquired, on behalf of a pan-European fund, the Casa Distribution Centre located in Olen, in the Antwerp province of Belgium.
The asset, secured off-market, is purchased from Domus Logistics, a subsidiary entity of the Casa Group.
Financial details were not disclosed.
The 60,000 m2 grade A logistics asset is fully occupied by Casa Group, a Belgian interior chain with 500 stores in eight countries. The asset serves as their European distribution centre as well as their European office headquarters. It was built in 2017 and comprises 49,776 m2 of warehouse space, 6,609 m2 mezzanine and 4,969 m2 office space.
Arthur De Four, senior asset manager, CBRE Global Investors, said: 'There is limited available product in this area making this a rare investment opportunity.
'Benefitting from strong logistics market fundamentals and structural undersupply in the Antwerp submarket, the asset will also provide a secure income stream. With the positive outlook for the logistics sector, we expect this asset to be a strong performer for our investors.'
The asset is located along the E313, one of the main logistics axes in Belgium, between the cities of Antwerp and Liège.
In 2020, CBRE Global Investors' logistics platform acquired €857 mln of European logistics assets in 34 deals across nine countries.
HB Capital acted as advisor for the seller.
