US privately-owned global real estate investment firm Hines has acquired a 13-asset logistics park in the Netherlands which includes land for potential further development.
The property, dubbed ABC Westland, was acquired via its Global Income Trust vehicle. Financial details were not disclosed, but information filed with the Dutch land registry reveals Hines paid €116.5 mln for the park.
The freehold logistics assets, covering 117,000 m2 of space, is located close to The Hague and is home to over 50 food companies and suppliers in the fresh fruit and vegetable industry.
'ABC Westland fits perfectly into our global portfolio and its strategic location close to the Port of Rotterdam has enabled the site to become Europe’s leading food logistics hub, serving markets across the region,' said Lars Huber, CEO of Hines Europe. 'The fresh produce and food park have massive growth potential.'
The sustainable asset is equipped with 18,285 solar roof panels, which supply approximately 30% of the current energy consumption in the park.
ABC Westland is located in the middle of the Westland region, which Hines describes as a growth region and agri-food cluster. It is acknowledged for its logistics trade, research and development and the world’s largest greenhouse area.
Sherri Schugart, CEO of Hines Global Income Trust, added: 'Hines Global Income Trust is excited about expanding our presence in the Dutch warehouse market with this strategic acquisition.'
The incumbent management team will remain in place to serve the park's tenants, Hines said.
Hines was advised by Arcadis, Chatham Financial, CR Capital Advisory, EY, Savills, and Simmons & Simmons, and received financing from pbb Deutsche Pfandbriefbank.
