Delin Capital Asset Mangement (DCAM) has secured a €32 mln financing facility from ING Bank for a distribution centre in the western Dutch town of Waddinxveen.
Located in the established strategic location of Distripark A12, in the municipality of Waddinxveen, the 44,142 m2 warehouse benefits from its proximity to Rotterdam, Europe's largest port. It is let to Van Uden Group, which uses it to service multiple food and beverage contracts for its clients, which include Nestlé. Delin originally acquired the asset in 2015 on behalf of DCAM's Capital Preservation Portfolio (CPP I), Delin's inaugural core-plus logistics fund.
Following this transaction, DCAM has now completed the financing of all of its €500 mln CPP I assets which comprise 16 properties in total located in the main transport hubs and corridors of the UK, Benelux and the Netherlands. Proceeds of the loan are expected to finance future investment acquisitions and DCAM's development pipeline.
Ekaterina Avdonina, managing director of DCAM, commented: 'Having successfully completed the financing of our investment portfolio, we now look forward to recycling this capital into new transactions and developments that will continue to deliver a strong total return to our investors.
'The logistics market remains extremely compelling and DCAM will continue to focus exclusively on this asset class, investing in areas which are set to benefit from the increasing growth in e-commerce and Europe’s logistics supply chain,' Avdonina said.
Arie Hubers, head of ING Wholesale Banking Real Estate Finance for corporate clients, added: 'The transaction fits within ING’s strategy to maintain longstanding relationships with leading asset managers of logistic assets and grow our exposure to the sector.'
