TH Real Estate has acquired a modern logistics property in Rotterdam, in the Netherlands, on behalf of its European Logistics Fund (ELOF) for €31 mln.
Northern European real estate investment firm Cording advised TH Real Estate on the deal, the fund’s second logistics acquisition in the Netherlands.
The vendor, the family-run company Neele-Vat Logistics, is also the occupier of the property at the Maasvlakte II distribution park, and is selling the property in a sale and long-term leaseback transaction.
The property comprises two buildings, dating from 2008 and 2016. It provides 39,500 m2 of total lettable area occupied on a 15-year lease.
ELOF is an open-end special fund focusing on core European logistics properties with a primary focus on the Netherlands, France, Italy and Spain.
'The purchase of this high-quality logistics property demonstrates how successfully our Amsterdam-based acquisition team can operate in a highly competitive market,' said Bram Dekkers, associate director Investment Logistics Benelux at Cording. 'We intend to acquire further logistics properties for our clients during 2018.'
James Ellis, investment manager at TH Real Estate added: 'This key acquisition in Europe’s largest port is well aligned to the fund strategy as we continue to strengthen our investment exposure across established logistics regions with sustainable demand drivers. With tight zoning regulations for ADR storage, there is a strong demand from a diverse global customer base, making the tenant a very attractive 3PL provider.'
Malcolm Hollis acted as technical advisor and Houthoff as legal advisor to the purchaser. Agency firm Cushman & Wakefield acted for the vendor.
