IDI Gazeley, the logistics arm of US-based Brookfield Property Partners, has entered the Netherlands market with the purchase of 13 warehouses from Dutch real estate fund Eurindustrial NV.
IDI Gazeley, the logistics arm of US-based Brookfield Property Partners, has entered the Netherlands market with the purchase of 13 warehouses from Dutch real estate fund Eurindustrial NV.
The Parcival portfolio is spread around the country with a total area of more than 190,000 m2. IDI Gazeley said it would form the core of a growing Dutch logistics platform.
The assets are leased to a leading logistics and distribution companies including UPS, Syncreon, Canon and ND Logistics, with a weighted average unexpired lease term of around five years.
The deal gives IDI Gazeley a presence in seven European countries, as well as China, with 1.25 billion sq m of assets under management. Brookfield Property Partners holds a worldwide logistics portfolio of approximately 23 mln m2.
Nick Cook, chief acquisitions officer, said: 'This major portfolio acquisition gives us a great platform from which to build our presence in the Netherlands and increases our assets under management considerably. Notably this transaction demonstrates our ability to develop a scale operation quickly in new geographies from which we will serve both existing and new customers.'
Jan Brouns, managing director of Eurindustrial, said: 'The market momentum combined with the commercial state of the portfolio made it the perfect time to proceed with the sale for our shareholders. We are very pleased with the results and the selected process.'
IDI Gazeley were advised by DTZ Zadelhoff. Legal advice was provided by DLA Piper, while Tauw and ChandlerKBS provided environmental and technical advice. Eurindustrial were advised by CBRE, legal advice was provided by Houthoff, tax advice by Deloitte, while CVO provided technical support.