European logistics warehouse specialist Delin Property has acquired two occupied properties in Rotterdam and Roosendaal on behalf of its Dutch fund.
Financial details were not disclosed.
The two warehouses comprise a total of 24,200 m2 of leasable space and take the fund’s investments to date to 11 properties with a total gross asset value approaching €400 mln.
Rob Reiskin, CEO of Delin Property, said: 'These acquisitions demonstrate our ability to find attractive investments in prime locations in a competitive market.
'We’re able to do this by having a team on the ground with great local networks to source opportunities and the skills to incubate assets through the entire development cycle - from design through to lease-up and delivery.'
The Luxembourg-registered Delin Property Dutch Core/Core+ Logistics fund acquired the two assets, which Delin Property’s local team will manage.
The properties include the Wrist Klevenberg Ship Supply NL warehouse on Bunschotenweg in the Waalhaven section of Rotterdam’s port, purchased from a private owner.
The 11,700 m2 property serves as Klevenberg’s head office, warehouse and logistics centre, from which it supplies everything needed aboard ocean-going and inland vessels. The lease runs until 2028.
The second asset is a 12,500 m2 warehouse fully leased for 10 years to a Dutch subsidiary of Ziegler Group, the logistics provider.
Delin Property acquired the land and began a phased development of two assets on the plot, the first of which has already been acquired by the fund. It delivered the second property earlier this year and its purchase by the fund has now completed.
Both assets are located in the Borchwerf hub of Roosendaal, in the heart of the Rotterdam-Breda-Antwerp triangle, in the southwest corner of the Netherlands.
Delin Property is aiming to assemble a portfolio of €600-700 mln in assets for the Dutch Logistics Fund, in which it invests alongside institutional investors, mainly from the DACH region of German-speaking countries.
Reiskin concluded: 'There is a shortage of modern warehousing to meet the strong tenant demand we’re seeing in the Dutch logistics market. The imbalance is likely to persist for the foreseeable future and we’re well placed for this dynamic with a healthy pipeline of investments.'
