Dutch developer Intospace has acquired a multimodal industrial estate in Utrecht from global asset management firm Invesco Real Estate.
Financial details were not disclosed.
Invesco divested the Utrecht Lage Weide facility on behalf of one of its long-standing German pension fund clients. The asset was developed in a joint venture with Intospace, and has now been sold back to the local developer, which acquires full ownership of the estate.
Tim Beckmann, CEO at Intospace, said: 'Intospace is very proud of this development and project. We managed to create three warehouses for three of the Netherlands’ top companies on a triple-A location in the centre of the Netherlands.
'We would like to express our thanks to Invesco Real Estate for the excellent collaboration in this project. This brownfield project proves that logistics developments in the Netherlands can contribute to an upgrade of the whole area and set the bar for the future.'
Toby Simon, managing director – fund management at Invesco Real Estate, said: 'The sale of the site at Utrecht has been welcomed by our long-standing German pension fund client, delivering a significant return on investment.
'The acquisition, execution of the intended business plan and subsequent sale is particularly impressive given the joint venture and land acquisition was formalized during the Covid-19 lockdown measures and the exit realised in the current macroeconomic environment.
'Equally the project is testament that well executed brown to green strategies can provide for long-term value whilst seeking to deliver on ESG targets.'
The Utrecht estate comprises roughly 68,000 m2 logistics premises and offers high sustainability standards including a Breeam 'excellent' certification.
Its location is a meeting point of major roads, railways and waterways and is one of the fastest-growing economic centres of both the densely populated Randstad region and the Netherlands as a whole. With 216 hectares, the park is the largest industrial area in the Utrecht region.
Invesco Real Estate and Intospace acquired the plot in 2020 and since then carried out a full redevelopment process revolutionising old industrial structures into a modern site including three state-of-the-art warehouses which were successfully let to three prominent tenants.
As part of the development, Invesco Real Estate and Intospace assembled the land plots, demolished and decontaminated the sites, undergone planning, permitting and eventually delivered state-of-the-art buildings to the respective tenants.
Stefan Struller, associate director – transactions at Invesco Real Estate, added: 'The Netherlands continues to be a key market for prime logistics assets.
'This sale is proof that the appetite for logistics assets with very good quality and in excellent locations such as Utrecht remains strong despite the difficult market environment. We have seen exceptional demand from tenants during the project and its success is testament to our partnership with Intospace.'
