PGIM Real Estate has completed the acquisition of a 106,236 m2 Grade A logistics portfolio comprising two properties in Rotterdam and Dordrecht, on behalf of its European core strategy.
The properties were bought from Dordrecht-based logistics developer Dudok Real Estate. Financial details were not disclosed.
Dominik Brambring, head of Germany, Austria and the Netherlands at PGIM Real Estate commented: ‘The ongoing need for durable and efficient supply chains continue to drive resilient and sustainable cash flows at the asset level in logistics – whilst competition for scarce space in the major pan-European logistics corridors is going to carry on generating rental growth for last mile logistics assets.’
The Rotterdam asset is located on a 84,470 m2 leasehold plot on the Maasvlakte, a 2,000-hectare extension of Europe’s leading port developed for clearing the world’s largest cargo vessels and the first point of contact for Europe’s transportation corridors. The Dordrecht property is situated on a 71,219 m2 freehold plot within the new “Distripark Dordrecht” business park, just 20 km south-east of Rotterdam city centre. Both warehouses have Grade A specifications, are equipped with solar panels, LED lighting and have BREEAM ‘very good’ certification. The Dordrecht distribution park is targeting energy-neutral operations.
PGIM Real Estate now manages four logistics properties in the Netherlands, most recently with the acquisition of a 37,133 m2 asset with redevelopment potential in Bleiswijk near Rotterdam in December 2021 on behalf of its closed strategy, Pan-European Real Estate Fund (PEREF) II.
Cushman & Wakefield brokered the deal.
