German investment manager HIH Invest Real Estate has acquired a logistics property development in the Dutch town of Zwolle.
Financial details were not disclosed.
The acquisition took the form of an asset deal on behalf of HIH Deutschland+ Core Logistik Invest, an open-ended special AIF. The seller is Bouwbedrijf Aan de Stegge Twello.
Construction work for the 23,009 m2 warehouse on Oldenburgstraat in the Hessenpoort trading estate is scheduled to start in March of this year and expected to be completed by December 2023.
The plan is to develop a plot of 34,000 m2 into 19,473 m2 of warehouse space, as well as 2,728 m2 of mezzanine space and 808 m2 for office and social areas. In addition, 24 HGV parking and 140 car parking spots will be created, with 22 of these to be equipped with EV charging stations. A photovoltaic system of 5,000 m2 - with the potential for further expansion - will be installed on the roof that will cover the entire electricity requirement of the property.
The sole tenant of the property, including the photovoltaic system, will be DKL Equipment, a subsidiary of De Klok Logistics, a mid-market logistics operator expanding its network to the fifth city in the Netherlands.
'We consider ourselves well-positioned even for the time beyond the end of this lease. Since the property will have flexible access options and may be divided into two separate warehouse areas, it has a very high alternative use potential. We are seeking to have this energy-efficient property certified under the BREEAM Very Good standard,' said Maximilian Tappert, head of transaction management logistics at HIH Invest.
Andreas Strey, co-head of fund management and head of logistics fund management at HIH Invest, added: 'Due to its convenient access to the A28 - A37 motorway corridor, Zwolle is a city with first-rate connectivity to Europe’s main ports and the economic centres in the European heartland.
'Logistics facilities in Zwolle currently show a vacancy rate of one percent. The Hessenpoort trading estate is directly accessible from the A28 motorway, and lies in close proximity both to the town’s port and its inner city.'
The HIH Deutschland+ Core Logistik Invest vehicle is categorised as an Article-8 fund and is targeting a volume of €500 mln or more, with a focus on modern core logistics real estate with excellent alternative use potential and high ESG standards.
The legal due diligence (DD) was performed by DLA Piper Nederland, the tax DD by Meijburg & Co and the technical DD by Cushman & Wakefield Netherlands. Cushman & Wakefield Netherlands also acted as estate agent for HIH Invest, whereas CBRE represented the seller side.
