Cordea Savills has completed the acquisition of two distribution warehouses and an office building for a combined price of EUR 48 mln in Belgium and the Netherlands. The acquisitions are in Eindhoven and Rotterdam in the Netherlands, and in Houthalen, Belgium, and were purchased on behalf of the Cordea Savills Pan European Property Fund and the Europa Immobiliare No.1 Fund, a joint venture with Vegagest.

Cordea Savills has completed the acquisition of two distribution warehouses and an office building for a combined price of EUR 48 mln in Belgium and the Netherlands. The acquisitions are in Eindhoven and Rotterdam in the Netherlands, and in Houthalen, Belgium, and were purchased on behalf of the Cordea Savills Pan European Property Fund and the Europa Immobiliare No.1 Fund, a joint venture with Vegagest.

Purchased for EUR 19.3 mln, the new distribution warehouse in Eindhoven produces a gross initial yield of 7.25% and is let to Philips Lighting as its European regional distribution centre. The second warehouse, situated in Houthalen, is occupied by Caterpillar Logistics. It was purchased for EUR 14.6 mln with a gross initial yield of 6.85%. The office building in Rotterdam is let on a new 10-year lease to Imtech and was purchased for EUR 13.8 mln with a gross initial yield of 6.87%.

Richard Lake, director at Cordea Savills said: 'Belgium and the Netherlands are extremely well located for access to the North Sea ports and for distribution of products across Europe with easy access to this densely populated region of Western Europe. As such, logistics facilities are in high demand from occupiers and investors alike.' Over the last eight months Cordea Savills has acquired EUR 130 mln of assets in Benelux on behalf of clients.