German investment giant Union Investment has acquired a logistics project in Venlo, the Netherlands, in a sale-and-leaseback deal with Hessing BV.
Financial details were not disclosed.
Dubbed Greenfield, and located in the Greenport business park, the project will comprise a total rental area of 61,750 m2, with a target completion of the end of 2022.
Vendor Hessing BV, a market specialist for sliced fruit, vegetables and ready meals, will occupy the property on a 20-year lease. The asset is aiming for Breeam 'Good' certification.
Stephan Riechers, head of investment management logistics & light industrial at Union Investment said: 'Due to its location and connectivity, Venlo is one of the most important logistics locations in Europe.
'The logistics center is located between the ports of Rotterdam and Antwerp as well as the European hinterland and is a trimodal location that is not only well connected to the motorway network, but also benefits from an inland shipping terminal and a newly built freight yard.'
The deal was made on behalf of the special logistics fund that Union Investment set up together with Garbe Industrial Real Estate last year.
Union Investment's logistics portfolio is expected to increase to a volume of over €5 bn in the medium term. It currently comprises 59 properties with a volume of around €2.6 bn.
'A total of twelve European country markets are on our buying radar, including the Netherlands, Germany, France, Scandinavia and Poland,' concluded Riechers.
Union Investment was represented by 3Stone Real Estate, Dentons, Drees & Sommer and PwC. Hessing was represented by CMS and TLF Real Estate.
