ING Real Estate European Industrial Fund (ING REEIF), managed by ING Real Estate Investment Management (ING REIM), has acquired two 'Grade A' logistics platforms in Tilburg and Roosendaal, the Netherlands for approximately EUR 42 mln from Goodman Group, on behalf of Goodman European Logistics Fund (GELF).
ING Real Estate European Industrial Fund (ING REEIF), managed by ING Real Estate Investment Management (ING REIM), has acquired two 'Grade A' logistics platforms in Tilburg and Roosendaal, the Netherlands for approximately EUR 42 mln from Goodman Group, on behalf of Goodman European Logistics Fund (GELF).
The first facility, located in Tilburg, 30 kilometres northwest of Eindhoven, has a total area of 31,326 m2 of space and is fully let to Rhenus with a nine-year firm lease term. Separately, the 33,100-m2 Roosendaal warehouse which has been acquired is fully let to CEVA, with an eight-year firm lease term and is situated alongside the A17 motorway that connects the major port cities of Antwerp and Rotterdam.
Pierre-David Baylac, ING REEIF Fund Manager, said: 'These two transactions enable the fund to extend its logistics portfolio at an excellent moment in the real estate cycle, while at the same time increasing our exposure in the Netherlands. The covenant of the two tenants corresponds to the selective approach for the ING Real Estate European Industrial Fund.
'During 2009, we have significantly increased the ING REEIF portfolio with the acquisition and delivery of 210,000 m2 of industrial area. The Fund portfolio comprises 31 buildings and more than 900,000 m2 of space of which 13% is in the Netherlands. To benefit from the current re-pricing of the logistics sector in continental Europe, a number of projects are in progress for 2010'.
Jones Lang LaSalle advised ING REIM in this transaction.