German property investor Patrizia has acquired a two-unit logistics scheme in Veghel, the Netherlands on behalf of institutional clients for around €65 mln.
The property was purchased from Next Level Real Estate.
The asset is located in Food Park Veghel, a logistics park situated 20 kilometres north of Eindhoven, with a specific focus on agriculturally produced food and related sectors. The location benefits from its close proximity to the A50 and N79 motorways and the inland river barge terminal.
The scheme's first unit, measuring around 26,000 m2, is let to dairy cooperative Friesland Campina on a 10-year lease. The second unit of around 28,000 m2 is scheduled to be completed by early 2021. The building is equipped with 52 loading docks and four level access doors.
Alexander van Gastel of Patrizia's transactions team in the Netherlands commented: 'This is an exciting, brand new asset that meets the growing demand for high quality logistics space in the region. Logistics has recently proven to be one of the most resilient real estate sectors. Covid-19 has accelerated existing e-commerce trends and so we are confident this asset will deliver long term secure income to our investors.'
TLF Real Estate and CMS advised the seller on the deal.
Patrizia's European logistics portfolio now stands at over €5 bn and represents around 11% of total AUM.
