BayernLB's real estate fund provider Real IS has acquired a 44,000 m2 logistics property in the Netherlands from Dutch project developer DHG. The transaction price for the Smartlog logistics asset was not disclosed.
Located in the town of Moerdijk, situated strategically between Antwerp and Rotterdam, the fully-let asset was acquired for its Real IS BGV VI special alternative investment fund (AIF).
'A decisive factor for acquiring Smartlog is the sophisticated logistics market in the Netherlands and the key position of Moerdijk as a distribution location,' commented Jochen Schenk, member of the board of management of Real IS. 'Its large sea ports and geographic location make the Netherlands the gate to continental Europe, with good access to Europe's huge consumer markets. This secures the demand for logistics space and makes the logistics asset class an attractive investment market.'
The investment property consists of two elements, the most recent of which was completed in Q4 2016, and is let in a multi-tenant structure.
'This kind of tenant structure is quite rare in the logistics business and is very positively received as it diversifies the default risk,' added Schenk. 'In addition the tenants differ in terms of their company size and operations.' WL Moerdijk and Base Logistics, the two largest tenants, offer logistics and freight forwarding services. Manuli Fluiconnecto and Mac-Lean Products operate in the wholesale industry.
Real IS said that the asset helped diversify BGV VI's industry structure, as its tenants operate in infrastructure and transport usage. BGV VI's investment strategy is focused on the countries of the eurozone with particular emphasis on the Benelux countries, Germany and France.
