German fund manager Union Investment has acquired a speculative forward funding logistics portfolio in the Netherlands with a total lettable area of around 83,000 m2 from Stellar Development.
Financial details were not disclosed.
The logistics portfolio consists of three developments in Wijchen, Aalsmeer, Utrecht. The acquisition was made on behalf of open-ended real estate fund UniImmo: Global.
Stephan Riechers, head of investment management logistics & light industrial at Union Investment said: 'As the fifth largest economy in the EU, the Netherlands has developed into an important distribution centre in Europe due to its favourable location and first-class air and sea ports.
'All three projects are in established locations. Aalsmeer is close to Schiphol Airport, and Utrecht is a well-known e-commerce cluster. Wijchen, on the other hand, is a strong logistics market with high demand for national XXL logistics and is one of the four fastest-growing logistics hotspots in the Netherlands.'
The 37,000 m2 Wijchen project situated on the Bijsterhuizen Zuid industrial estate will be finished in Q1 2022, while the 23,000 m2 Aalsmeer scheme, located south-east of Schiphol Airport, will be completed in Q2 2022. The third project, in Utrecht, comprises 23,000 m2 and will be finished in Q4 2022. All three are targeting a Breeam 'very good' rating.
Riechers added: 'Union Investment's logistics portfolio is set to grow to a volume of over €5 bn in the medium term. The purchase of the portfolio from Stellar Development is a further step in this direction.
'A total of twelve European country markets are on our acquisition radar, including Germany, the Netherlands, France and Poland.'
Union Investment's logistics portfolio currently comprises 57 properties with a volume of around €2.5 bn.
Union Investment was supported by 3Stone Real Estate, Loyens & Loeff for legal advisory, PwC for tax advisory and CBRE for technical advisory.
