Delin Capital Asset Management has acquired a high specification warehouse in the Port of Amsterdam through a sale and leaseback transaction with G-Star Raw, the Dutch jeans retailer.
Delin Capital Asset Management has acquired a high specification warehouse in the Port of Amsterdam through a sale and leaseback transaction with G-Star Raw, the Dutch jeans retailer.
Delin is a Jersey-registered real estate investment advisor and asset manager focussed on logistics assets in the UK, the Netherlands and Belgium.
The 37,000 m2 property, which was built by G-Star within the last two years, is used as the global e-commerce and fulfilment centre for G-Star Raw. It is let on a full repairing lease with an unexpired weighted average term of 11 years.
The transaction, which was made on behalf of Delin's clients, represents the second acquisition by DCAM in the Amsterdam port, following its purchase of Casablancaweg 8, a 107,000 m2 multi-let logistics asset in December 2014.
Financial details were not disclosed.
With this latest purchase, DCAM’s total portfolio in the Netherlands extends close to 380,000 m2 of logistics space making. DCAM’s total European logistics portfolio now comprises some 550,000 m2 with a value of close to €500 mln.
DCAM financed the acquisition with a new 5-year term loan from ING Real Estate Finance which also financed the purchase of Casablancaweg 8.
'As retail patterns continue to shift towards the e-commerce market, we believe we are strategically positioned to benefit from this growth, having invested in core, well-located assets,' said Christian Jamison, Chief Executive Officer of DCAM. 'We look to continue to build relationships with strong tenants, such as G-Star Raw, and the structure of this agreement is one we would like to continue to replicate across the logistics market.'
DCAM was advised by JLL, CVO and CMS, Nauta advised ING and Houthoff and DTZ advised G-Star.
