P3 Logistic Parks has forward purchased a 98,000 m2 warehouse in the southeastern Echt-Susteren region of the Netherlands from developer Dokvast.
Financial details were not disclosed.
The new warehouse is located just 4 km from the Echt-Susteren municipality, which borders Belgium to the west and Germany to the east.
The property is targeting Breeam Outstanding certification and will feature a solar panel installation on the roof, 12.2 metres clear height, 82 electronically operated loading docks, and an ESFR-certified sprinkler system. Construction work has already started on the project, with completion expected in Q4 2021.
Commenting on the deal, Otis Spencer, CIO of P3 Logistic Parks, said: ‘In order to further drive our growth in Europe, we are currently focusing on the acquisition of large, investment-grade European logistics portfolios or attractive single assets like this forward-purchase of the Echt-Susteren property in the Netherlands. The developer on this project, Dokvast, have excellent experience with constructing high-quality, BREEAM-certified buildings. We have every expectation that the quality of the building and location will appeal to major 3PLs or eCommerce players.’
Municipality Echt-Susteren alderman Geert Frische welcomed the development, saying: ‘It is not only a sustainable asset to our business park “Midden-Limburg”. It also creates employment opportunities in the municipality Echt-Susteren and the whole region around us.’
P3 was advised on the transaction by NL real estate – Knight Frank, Dentons and C2N. Dokvast was advised by Raimond Weenink Bedrijfsmakelaardij.
News of the purchase comes as P3 also seeks a buyer for a 375,000 m2 industrial and logistics portfolio across Europe, as revealed by ProperyEU. Known as the Apex portfolio, the package is expected to fetch between €400 mln and €500 mln, according to those who track the market.
