US privately-held developer-investor Hines’ European Core Fund (HECF) has acquired six fully occupied logistics assets in the Randstad area in Aalsmeer, Honselersdijk and Rijnsburg in the Netherlands.
The business parks, on which the assets are located, are majority owned and managed by Royal FloraHolland (RFH), the world’s largest floricultural marketplace and a major contributor to the Netherlands’ world-renowned role within the flower industry.
The acquired buildings, spanning 92,000 m2, are fully leased to six occupiers operating within the Netherlands’ floricultural trade market, each on a long-term lease. The properties are in the heart of the densely populated Randstad area, the economic heartland of the Netherlands.
Andy Smith, managing director and country head – the Netherlands at Hines, commented: ‘The portfolio aggregation of these fully leased properties builds on our investment, development and management platform in Dutch logistics. The agricultural and floricultural logistics market is undergoing substantial consolidation, transformation and modernisation while remaining among the most resilient segments of a turbulent economy. We are proud to support our tenants in their continued success and we look forward to maintaining and improving the quality of these business critical assets through long term value creation via our property management initiatives.’
Simone Pozzato, managing director and HECF fund manager, added: ‘Our European core-fund, HECF, completed the first phase of its aggregation of six fully occupied last-mile logistics assets in the highly sought-after Randstad area in the Netherlands, via four off-market and one direct market acquisitions, achieving a considerable portfolio size, at an attractive entry yield.’
In 2022, Hines has completed €797 mln of logistics transactions across Europe, in markets including Czech Republic, France, Germany, Italy, Poland, The UK and the Netherlands. Hines’ European logistics AUM now stands at €3 bn.
