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.

Prologis has expanded its presence in Tilburg, the Netherlands

Prologis has Expanded Its Presence in Tilburg, the Netherlands

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.