HIH Invest Real Estate has announced the acquisition of a logistics property development in the Dutch town of Zwolle for an undisclosed amount.
The acquisition took the form of an asset deal on behalf of “HIH Deutschland+ Core Logistik Invest,” an open-ended special fund. The seller is Bouwbedrijf Aan de Stegge Twello B.V.
Construction work for the 23,009-m2 warehouse 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.
The single tenant of the property will be DKL Equipment B.V. a subsidiary of De Klok Logistics, a mid-market logistics operator.
‘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, the head of Transaction Management Logistics at HIH Invest.
The HIH Deutschland+ Core Logistik Invest vehicle is as an Article-8 fund. It aims for a target volume of €500 mln with a focus on modern core logistics real estate with excellent alternative use potential and high ESG standards.
While the main investment destination is Germany, around 30% of the fund’s capital is planned to be invested in neighboring countries (the Netherlands, France, Austria).
Cushman & Wakefield Netherlands acted as estate agent for HIH Invest, whereas CBRE represented the seller side.
