Asset manager Fidelity International has acquired a newly built 34,000 m2 logistics property in Oosterhout, southern Netherlands, on behalf of one of its funds.
Financial details were not disclosed, but information filed with the Dutch land registry reveals Fidelity paid nearly €48 mln for the asset on behalf of the Fidelity Eurozone Select Real Estate Fund. Rietveld Logistics Group was the vendor.
The property is leased on a long-term basis to German supermarket chain Lidl and forms part of a logistics hub located between the ports of Rotterdam and Antwerp, and 300 metres from the inland container terminal in Oosterhout (OCT).
Fidelity said the acquisition fits perfectly with the fund’s strategy to acquire high-performing properties with an excellent ESG profile and strong tenants that provide stable long-term cash flow.
‘The long-term lease with a strong tenant makes this a defensive investment that fits well with the Fund’s investment strategy. It offers our investors a strong and stable income return and potential capital appreciation in the future,’ said Maarten Frouws, portfolio manager at Fidelity International.
‘The Dutch logistics property market in general, and prime hotspots in particular, are highly sought after by investors. This property with the highest ESG credentials is excellently located.’
The acquisition is the fund’s second European logistics investment in recent months. It previously purchased a modern logistics property comprising 32,000 m² in Erfurt in central Germany. Including these latest investments, the fund currently manages a total of €1.2 bn of assets for international institutional clients.
Fidelity International was advised on the Oosterhout deal by Greenberg Traurig (legal and notarial), BBN (technical and ESG), CBRE (valuation) and BDO (tax). Rietveld Logistics Group was advised by JLL (commercial) and Taylor Wessing (legal).
