Industrial and logistics specialist Segro has revealed it has spent €222 mln on three logistics warehouses in the Netherlands.
The smallest of the deals, namely the acquisition of a 36,500 m2 logistics warehouse in Tilburg from abrdn, was announced 10 days ago. The Tilburg facility, situated at the Vossenberg industrial estate, is leased to car manufacturer Tesla.
Segro has also reported the acquisition of a 98,000 m2 modern logistics estate in Eindhoven, which was acquired from Nuveen.
This facility was built in 2020 and is rated BREEAM In-Use ‘Good’. It consists of three units, currently fully leased to GXO and Rhenus.
The third deal comprises a newly-built logistics warehouse in Heerlen in the De Beitel industrial estate covering 37,800 m2.
The asset was acquired from VolkerWessels & Vestum and is rated BREEAM ‘Excellent’. It is currently leased to B&R Premium Logistics, a third-party logistics company specialising in the soft drinks industry.
The assets all generate approximately €10 mln of headline rent, which doubles the headline rent attributed to Segro's portfolio in the Netherlands.
They also offer a significant amount of reversionary potential, according to the firm, the majority of which is expected to be realised over the next four years, as well as the potential to increase rental values through improvements in the sustainability features of the Tilburg and Eindhoven assets.
The blended topped-up net initial yield of these assets on acquisitions is 4.6% and the equivalent yield is 5.8%.
Eelco Ouwerkerk, head of the Netherlands at Segro, said: 'These warehouses are in some of the most attractive and supply-constrained industrial and logistics markets in The Netherlands.
'The acquisitions are a very positive step forward in the delivery of our plan to build scale in this important region, adding three high quality assets with reversionary potential and significantly increasing the size of our Dutch portfolio.'
Marco Simonetti, managing director, Continental Europe at Segro, said: 'We have been able to leverage our market-leading operating platform and strong local networks to create these opportunities and profitably deploy some of the capital raised in our recent equity placing, at a time when investment markets show signs of stabilisation and the supply of new sustainable warehousing remains constrained.'
