Delin delivers largest Dutch single-asset logistics deal of 2014

Delin Capital Asset Management (DCAM) has acquired a 107,000 m2 distribution centre for €70 mln in Amsterdam in the largest single-asset logistics deal of the year in the Netherlands.

The logistics asset is located on Casablancaweg in the western docklands of the port of Amsterdam, the fourth largest port in Europe. It was sold in an off-market transaction by David Hart Groep (DHG).

DHG, a Dutch private logistics developer-investor, developed the asset in phases from 2009 to 2011 and it is fully let to six tenants, comprising a mix of manufacturers, retailers and logistics companies, including Fetim, GE Aviation, Heartland, NOV and KWE on a weighted average lease length of five years.

ING Real Estate Finance has funded the acquisition through a new five-year term loan.

DCAM is a Jersey-registered real estate investment adviser and asset manager focused on acquiring logistics real estate in the UK, the Netherlands and Belgium for its fund business. It acquired the latest asset on behalf of its €400 mln Capital Preservation Portfolio I fund.

JLL's office in Eindhoven advised DCAM in the transaction, while law firm CMS Derks Star Busmann carried out due diligence and the sales agreement for the buyer. Loyens & Loeff´s Rotterdam office provided DHG with legal support.

The sale of Casablancaweg is the second transaction between DCAM and DHG. In 2013 Delin acquired Distripark Sittard, a 51,000 m2 distribution centre, in the Dutch town of Born from DHG.

Christian Jamison, CEO of DCAM commented: 'This is a high quality, well located, modern logistics asset which typifies the sort of investment we favour for our fund. The Dutch logistics market has become increasingly competitive and so we are very pleased to have secured another asset off-market from DHG.

'Furthermore, this is the first time we have leveraged a deal at the outset and we are pleased to be working with such an active lender as ING. We look forward to working with both DHG and ING again as we continue to grow our portfolio of high quality logistics assets.'

Willem Slager, commercial director at DHG, said recent rental agreements and sale of the entire complex confirmed the quality of both the development and the Westpoort port district [which incorporates the western docklands] in Amsterdam. 'There was no high-quality, large-scale logistics complex in the area when we began the development in 2009. Creating a new logistics location has taken time but has now more than proven itself'.

Slager said DHG has also signed a new agreement with the port authority to start developing a new green logistics property which will grow to 150,000 m2 and be located next to the complex acquired by Delin. Construction of the new project is scheduled to begin in May 2015.