Union Investment has acquired a planned logistics property called Van Acht Koel- & Vriesopslag in Veghel in the Netherlands via a forward funding deal.
Financial details were not disclosed.
Offering some 57,600 m2 of rental space, the logistics centre is scheduled for completion by the third quarter of 2022 and is being acquired for a logistics special fund launched jointly by Union Investment and Garbe Industrial Real Estate last year.
Neil Campbell, investment manager at Union Investment, said: 'As the EU’s fifth largest economy, the Netherlands has become an important distribution hub in Europe due to its favourable location and first-class air and sea ports.
'Veghel is situated 25 km north of Eindhoven. Although the logistics location isn’t among the best-known hotspots in the Netherlands, it is experiencing significant growth. Veghel is an established food park which specialises in the production and national and international distribution of foodstuffs. This industry is particularly immune to economic cycles.'
The property is already fully let for ten years to the Dutch Van Acht Group, a family-run company specialising in the storage of chilled and frozen food.
Union Investment is planning to grow its logistics portfolio to more than €5 bn over the medium term. It currently comprises 62 properties worth around €2.8 bn.
Added Campbell: 'We have 12 European national markets in our sights for future acquisitions. Besides the Netherlands, they include Germany, France, the Scandinavian countries and Poland.'
Union Investment was advised by 3Stone Real Estate, Greenberg Traurig, PwC und Drees & Sommer. V8 Vastgoed was advised by TLF Real Estate and CMS.
