CBRE seals EUR 66m worth of deals in the Netherlands

CB Richard Ellis has completed on more than EUR 66 mln of deals as part of two logistics transactions in the Netherlands. In the first deal, CBRE acted on behalf of Kenmore Property Group in the sale of a major asset at Veghel, near Eindhoven in the south-east logistics hub of the Netherlands to Warehouse de Pauw for about EUR 32 mln. The property is let to Kuehne & Nagel until 2013 and comprises around 67,225 m² of accommodation built between 1986 and 1996.

In the second transaction Goodman International, advised by CBRE, sold two properties in Almere and Nijmegen to Deka for EUR 35 mln. Built in 2003, the Almere property covers a total area of almost 25,000 m2, and is let to TYC Europe until 2013. The Nijmegen property was built in 2001 and provides approximately 31,000 m² of accommodation let to two tenants, Bikeurope and Saphin.

'Although the market is a tougher place right now, there is still relative strength in the logistics sector. Against a background of generally weaker activity in European property investment, turnover in the industrial market in continental Europe was only 3% lower in the first half of 2008 than in the same period last year,' said David Turner, head of CBRE's Cross Border Industrial & Logistics team. 'The fundamentals of pan-European logistics remain strong and largely unaltered - hence there is an identifiable demand for quality warehousing in prime logistics locations, underpinned by strong covenants.'