Delin Capital Asset Management has completed the acquisition of two distribution warehouses in the Netherlands for a total of €80 mln.
Delin Capital Asset Management has completed the acquisition of two distribution warehouses in the Netherlands for a total of €80 mln.
The transaction represents an initial yield of around 7.7 % and is the largest logistics investment deal ever in the Netherlands.
The acquisition represents Delin’s fifth purchase on behalf of its €400 mln Capital Preservation Portfolio I (CPP I), the company’s inaugural core plus logistics fund launched in October 2012. It brings the volume of equity deployed so far into the European logistics sector to around €165 mln, covering over 206,000 m2 of prime distribution space.
The assets in the latest Dutch deal are located in the logistics hubs of Tilburg and Eindhoven. Delin acquired the portfolio from Dok Vast, a private Dutch family-owned group which was also the developer of the assets. The portfolio also includes a small, separate office building adjoining the Tilburg warehouse.
The Tilburg asset is let to three tenants - Dobologic, Schenker and Gebr. Huijbregts Groep - and generates a passing rent of some €2.9 mln per annum on a weighted average lease term of around seven years.
The Eindhoven warehouse was completed in April 2013 and provides around 57,000 m2 of space. It is fully leased to Rhenus Logistics for 10 years. The passing rent was not disclosed.
Delin said it has now also completed on the €13 mln forward purchase, agreed in December 2012, of a 17,320 m2 distribution warehouse development located in Waalwijk. The construction of the asset was completed in July 2013 and it is fully let to the McGregor Fashion Group on a new 15-year lease.
