Standard Life Investments (SLI) has carried out two investment transactions in the Netherlands and one in Sweden, totalling €105 mln, on behalf of its European Real Estate ClubII (Euro Club II) fund.
The SLI fund acquired a new 33,300 m2 logistics centre in the central Dutch town of Vianen for €25 mln, in a forward-funding purchase with development partner Eprop. The project is scheduled for delivery by early 2017.
Euro Club II invested a further €23.8 mln to finance a 30,486 m2 logistics development in the southern Dutch city of Dordrecht.The project is scheduled for delivery in spring 2017.
SLI also announced that the fund has acquired Ingelsta Retail Park in the eastern Swedish city of Norrkoping. The 37,000 m2 retail park was purchased from S3wedish logistics and office investment group Axfast for €56 mln. The park consists of properties and is anchored by retail chains such as Bauhaus, Willy's, Jula, and Rusta.
Euro Club II is a closed-end real estate investment vehicle that focuses on core markets in continental Europe. It is now fully invested with a total value in excess of €600 mln.
Cushman & Wakefield acted for SLI on both transactions in the Netherlands. Savills and RED advised SLI, while JLL acted for Axfast, in the Swedish deal.
