Principal Asset Management, through its dedicated real estate investment team, has acquired 134,000 m2 of land in Weert, the Netherlands, in order to develop a logistics scheme.
Principal is partnering with specialist logistics developer EvolutionRE through a joint venture to develop a scheme covering 89,000 m2 of space.
Principal acquired the land, an existing brownfield site, from a Dutch private investor.
Tia van Beek, transaction manager, Principal Asset Management, said: 'Due to the strong occupier fundamentals in the Dutch logistics market, as well as the high-quality development standards of the facility, this is an exciting project to bring to the market.
'This project is part of our strategy to build a programmatic development pipeline in Europe, utilising our existing relationships to source potential partnerships with experienced developers, and local in-house expertise in pan-European real estate investment management.'
The logistics facility will consist of two warehouses, built to the highest level of sustainability standards, and will target a BREEAM Excellent certificate.
The larger warehouse, comprising approximately 74,000 m2 of space, will have a flexible design, allowing it to accommodate up to three different tenants, making the site suitable for both larger and smaller occupiers. The smaller warehouse will consist of approximately 15,000 m2.
Greenberg Traurig advised the buyer on legal matters, while Royal HaskoningDHV and Antea acted as advisors on environmental and technical issues. Van Doorne served as the legal advisor for the vendor.
