Gramercy Property Europe has acquired two core logistics assets in the Netherlands for a combined €18 mln. The transaction was first reported in the EXPO REAL Daily News.
The two warehouse properties, both built in 2006, are located in the city of Tiel and the port of Amsterdam and comprise a total 30,000 m2.
The Tiel asset is let to the Dutch subsidiary of Swedish clothing company H&M until 2040, with a break option in 2022. The property comprises 20,600 m2 of logistics space, with an additional 1,260 m2 of office, and is located in the Medel business park, 50 km from the central city of Utrecht. The warehouse is H&M’s primary Dutch distribution hub, with Kühne & Nagel, DHL and Post NL also operating from the park.
The Amsterdam asset, let on an existing nine-year lease to Hulshoff Group, totals around 9,000 m2, with an additional 435 m2 of office space. It is located in the Atlas business park, with neighbouring occupiers including DSV, G-Star and DPD.
The deal is Gramercy's 14th transaction within the past 12 months and supports the Europe-focussed fund’s strategy of acquiring single-tenant commercial properties, which generate stable, long-term income for investors.
Gramercy has to date invested €645 mln in 33 assets across the industrial, office and specialty retail sectors in Germany, the Netherlands, the Nordic region and the UK.
