German investment giant Union Investment has acquired a logistics project in Ridderkerk, south-east of Rotterdam, from Dutch developer Somerset Capital Partners.
Financial details were not disclosed.
The new build, covering 33,500 m2 of rental space is due for imminent completion. Union Investment will hold the asset in the portfolio of its institutional open-ended real estate fund UniInstitutional European Real Estate.
'Dutch logistics regions are highly attractive to international investors. The Rotterdam area in particular provides ideal conditions for modern multimodal logistics. Steady economic growth and low vacancy rates in the logistics segment create a solid basis for long-term investment,' said Stephan Riechers, head of investment management logistics at Union Investment.
The new facility is being built at Dutch Fresh Port, a location with a focus on the agricultural and food industry, including fresh produce logistics. In addition to around 31,000 m2 of logistics space, the property will feature more than 2,500 m2 of offices, changing rooms and a canteen.
Somerset Capital Partners is targeting Breeam Excellent certification.
This deal is Union Investment’s second logistics acquisition in the Netherlands, following the recent purchase of the Dimensio Almere logistics project for UniImmo: Europa.
The Hamburg-based real estate investment manager’s current logistics portfolio comprises 53 properties worth a total of around €2.3 bn. While the focus is on the German market, further logistics acquisitions in the Netherlands and other European countries are planned, the firm said.
Union's total Dutch portfolio now comprises 18 commercial properties across the office, retail, hotel and logistics segments. The value of these properties in Amsterdam, Eindhoven, Rotterdam and Enschede totals more than €1.4 bn.
