Malaysian sovereign wealth fund EPF has acquired two logistics assets in the Netherlands via Savills Investment Management for close to €100 mln, PropertyEU can reveal.
The two XXL distribution centres total 140,000 m2 and are located in the logistics hotspots of Rotterdam and Moerdijk.
Based on information filed with the Dutch land registry, PropertyEU has established that the combined price for the two properties is €95-100 mln.
The vendor is local player Dudok Logistic Real Estate, part of the Dudok Group.
'These two assets offer a blend of secure long income and the flexibility of a multi-let facility, with both situated in important port locations,' commented Jon Crossfield, head of strategic partnerships at Savills Investment Management. 'The European logistics market continues to be of high attractiveness to investors and these two assets complement the existing €1.1 bn portfolio we have already acquired on behalf of our client over the last 18 months.'
The first property comprises a multi-tenant building of around 82,000 m2 located at the Distripark Maasvlakte in Rotterdam, which has recently been upgraded and expanded by approximately 22,000 m2. Tenants include Broekman Logistics, Odin Warehousing & Logistics, ECT Delta Terminal and Rhenus Logistics.
The second property includes a newly built state-of-the-art distribution centre for Lidl, located at the Middenweg in Moerdijk, directly adjacent to the container terminal. Fully leased long-term, it comprises around 60,000 m2 and is equipped with 95 loading docks.
Second portfolio deal
The deal follows EPF's entry into the Dutch market last year with the acquisition of three distribution centres from a local family-owned company for €77 mln. That transaction was similarly carried out through Savills IM.
'The trend of increasing logistics investment volume continued during the first half of 2017, with €776 mln transacted to date,' said Douglas van Oers, associate director of Logistics & Industrial at Savills Netherlands. 'Savills forecasts a strong second half of the year, possibly surpassing the total investment volume of record year 2016. Furthermore, cross-border investments like this will remain dominant.'
Savills IM was advised on the latest transaction by Savills, Royal Haskoning, PWC and Loyens & Loeff.
Dudok was advised by Schaap Advocaten Notarissen, Cavim and EY.
