US logistics giant Prologis has expanded its portfolio in the Netherlands by purchasing a 82,700 m² distribution centre in the southern city of Tilburg from CBRE Global Investors.
Financial details were not disclosed but information filed with the Dutch land registry reveals Prologis paid €72.2 mln for the fully let asset.
The purchase sum translates into a price per m2 of €886, which is up from the €666 per m2 CBRE GI paid for the property in 2015, equating to a price of €54.2 mln.
Prologis purchased the asset on behalf of its Prologis European Properties Fund (PEPR). It is located in one of the firm’s Dutch flagship parks where Prologis now owns around 377.600 m² of space. Clients in the park include Coolblue, Syncreon, Samsung and Pantos Logistics.
Sander Breugelmans, country manager for the Benelux at Prologis, said: 'Industrial land and quality assets are becoming increasingly scarce. Due to strong demand, vacancy levels for high-quality logistics real estate have fallen to historically low levels. This investment strengthens our presence in one of Europe’s most attractive and fast-growing logistics markets.’
Prologis was advised on the deal by TLF Real Estate and DLA Piper. CBRE, Houthoff and SGS Search acted for CBRE Global Investors.
