Garbe Industrial Real Estate and Union Investment have invested around €85 mln in a logistics turnkey development at Rotterdam Pernis due for completion in July 2022.
The transaction was conducted on behalf of UII Garbe Logistik Fonds (managed by Union Investment and Garbe Industrial Real Estate) as part of an off-market transaction with property developer Dudok Real Estate.
Overlooking Rotterdam port, the 39,300 m2 development consists of around 33,700 m2 of warehouse and mezzanine space and 5,600 m2 of office space, in addition to 323 car parking spaces and 12 spaces for trucks.
The property is fully leased to Rotterdam-based European logistics service provider Neele-Vat, which signed a 15-year lease.
Janica Gerecke, member of the Executive Board at Garbe Industrial Real Estate responsible for European investments, commented: ‘We are following our pan-European growth strategy with our partner Union Investment by purchasing this property in the Dutch port of Rotterdam. At the same time, we are constantly screening the markets in Italy, France and Spain for our next acquisitions.’
Louca Benders, investment manager at Garbe Industrial Real Estate Netherlands, added: ‘Land resource is scarce, construction costs are skyrocketing and demand for lettable space in logistics is high. The Port of Rotterdam is a critical logistics hub, both in size and significance globally. Therefore, this acquisition represents an important step in our rapid-growth strategy offering a comprehensive package of services in key logistics hubs around the country.’
Wouter Vos, managing director of Dudok Real Estate said: ‘Together with Neele-Vat Logistics, we developed a sustainable and state-of-the-art distribution centre and headquarters. This successful re-development of a former and outdated office park in the heart of the Port of Rotterdam, confirms the status as logistics hotspot. As the availability of land is becoming very scarce, we have to focus on brownfield locations with potential.’
Future plans include the procurement of BREEAM certification with a “Very Good” rating and the installation of a roof-mounted solar panel installation.
Garbe was advised by DHS REIM, Greenberg Traurig, Drees & Sommer and PwC, while Cushman & Wakefield and Houthoff advised Dudok Real Estate.
