German property group Patrizia has emerged as the buyer of the largest logistics property development currently underway in the Netherlands.
Patrizia is spending €230 mln on behalf of its institutional clients on the turnkey acquisition of a 233,000 m2 distribution centre in the container hub of Rotterdam, Europe’s largest port. The asset is being bought off market in a share deal with Dutch logistics developer DHG.
The acquisition, which represents the largest logistics investment on record in the Netherlands in terms of square metres, was made on behalf of Patrizia’s Logistik-Invest Europa III Fund and Patrizia PanEuropean.
The asset - Smartlog Maasvlakte - is part of LogChain Maasvlakte, a mammoth logistics complex under construction on a 30-hectare site at Distripark Maasvlakte West on Rotterdam’s most recent land reclamation area and the biggest ever to be developed in the Dutch market.
One of the key features of the property is its extensive solar panel roof which includes 46,000 solar panels spanning 210,000 m2 across 10 buildings, generating sufficient energy to power almost 7,000 homes. The asset also contains the best-in-class technical installations and is fully reliant on alternative energy sources to gas.
Located at the western tip of Rotterdam port, the logistics hub is 80% pre-let and will comprise 10 warehouse units. Tenants include well-known names in the Dutch market including Odin and Zwaluw Logistics. The development is due to be completed in June 2022.
‘The Netherlands is one of the most attractive logistics real estate investment markets in Europe and this acquisition consolidates our presence in Rotterdam, one of the ‘Top 10’ largest container seaports in the world,’ said Alexander van Gastel, Patrizia’s director of transactions in the Netherlands.
The deal follows on from Patrizia’s first transaction with DHG in 2019 when the company acquired a portfolio of distribution centres in three locations in and around Rotterdam.
Willem Slager, managing partner of vendor DHG, said: ‘Distripark Maasvlakte West is the perfect location for this type of large-scale development. The 100 hectare site is ideally located in Europe's largest container hub, served by state-of-the-art deepsea, inland shipping and rail terminals.
The addition of Smartlog Maasvlakte to the Patrizia portfolio lifts the company’s logistics assets under management in the Netherlands to over €800 mln, equivalent to roughly 770,000 m2 spread over eight locations across the country. Patrizia’s European logistics portfolio now totals over €6 bn in AUM.
Patrizia and DHG have entered into a partnership with Dutch solar energy company Sunrock, part of Cofra Holdings, which will own and operate the solar panel installations at Smartlog Maasvlakte. Altogether the ‘sunroof’ can generate 25 megawatts of power which will be fed back to the local grid. Including this asset, Patrizia’s Dutch logistics portfolio now comprises almost 400,000 m2 of solar panels, generating sufficient energy for nearly 12,000 households.
Emile Poort, Patrizia’s country manager for the Netherlands and head of transactions Benelux, said: ‘The logistics sector has proven to be a safe haven during the Covid-19 pandemic and as economic recovery continues, we are seeing further growth in e-commerce and increasing demand from logistics occupiers, especially for assets that have strong sustainability credentials.’
Patrizia was advised on the transaction by Appel Realty, CBRE and Loyens & Loeff Amsterdam. DHG was assisted by TLF Real Estate and Loyens & Loeff Rotterdam.
