Real IS, the real estate arm of Bavarian savings bank BayernLB, has acquired a further 115,000 m² of warehouse space in the port of Rotterdam from developer David Hart Group (DHG).
The distribution space is spread out over five warehouse developments collectively known as Smartlog Rotterdam 2. Real IS acquired the package on behalf of two of its funds for €142 mln.
Work on the warehouses, which are located in Rotterdam-Europoort, began in 2018. The sheds are equipped to store both normal goods and hazardous materials and their roofs are fitted with solar panels. Tenants include Estron, P&O Ferrymasters, DVR, A-Bird and Yamato. The buildings generate a total rent of €8.2 mln per year.
Smartlog Rotterdam 2 is part of LogChainTwo, which encompasses some 315,000 m2 of speculatively developed distribution space let on long leases at the point of sale.
DHG expects to sell the remaining 200,000 m2 of space (with a WALT of 12.2 years) to another international investor by the end of the year. Earlier this year, DHG sold LogChainOne, comprising three assets with a total 130,000 m2 of space, to Patrizia Immobilien for €131 mln.
Real IS was advised on the latest transaction by law firm Houthoff, with CBRE assisting on the technical side. DHG was advised by TLF Real Estate with Loyens & Loeff acting on the legal side.
The purchase is Real IS' second deal with DHG in as many years. In 2017, the German investor purchased two newly developed distribution centres within the logistics hotspot of Moerdijk for an undisclosed amount.
