A joint venture between Tristan Capital Partners’ CCP 5 coreplus Fund and Whitewood has acquired a 75,000 m2 logistics asset in Genk, Belgium, in an off-market deal.
Financial details were not disclosed.
The asset is part of the real estate certificate Immo Genk-Zuid, managed by KBC Real Estate.
According to the JV partners, the acquisition will form the basis of a planned logistics portfolio to be assembled by CCP 5 and Whitewood in Belgium. The fund will target logistics assets across top axis locations in Belgium in sale/leasebacks, developments, vacant possession and leased asset transactions.
Kick Van der Wel, executive director, investments at Tristan, said: 'The Belgian logistics sector has been a resilient performer throughout the Covid crisis, with buoyant take-up and supply still struggling to meet the growth in demand.
'This growth and resiliency is supported by Belgium’s dominance as an exporter of pharmaceuticals in Europe, the strength of Liege airport and the port of Antwerp as dominant cargo hubs, and broader structural changes in consumer behaviours.'
Marco Hengst, managing director, logistics at Whitewood, added: 'Expanding the logistics and lightindustrial platform of Tristan’s CCP 5 towards Belgium will broaden the opportunities for current and future logistics clients of the fund. Having our experienced team as a local operating partner in Belgium, will allow for a swift anticipation of the needs of client needs.
'The Genk asset is the first acquisition of the fund in a region with very low warehouse supply immediately available. After modernizing the asset, we will be futureproof to attract and service the clients in this area.'
Van der Wel concluded: 'Our experience in these types of logistics roll-up strategies across the Netherlands and France, alongside our speed of execution, means that the Fund is well placed to identify and capitalise on the growth opportunity that the Belgium Logistics sector offers.'
CBRE and Laurius advised on the purchase.
