Warburg-HIH Invest Real Estate (Warburg-HIH Invest) has acquired the largest single-tenant logistic property in the Netherlands on behalf of Korean investors led by Midas International Asset Management and NH Investment & Securities.
Although the deal price was not disclosed, it is understood to be around €215 mln.
The development project was sold by a joint venture between the investment manager USAA Realco Europe, the European subsidiary of USAA Real Estate and Dutch developer Somerset Capital Partners. The deal was financed by lender Helaba.
Located in Bleiswijk near Rotterdam, the asset comprises 140,000 m2 of lettable area including 12,000 m2 of office space. It is let in its entirety to Zalando, Europe’s leading online platform for fashion and lifestyle. The site occupies a plot area of 250,000 m2 and includes around 1,200 parking spots.
‘Increasing international trade and e-commerce has driven the occupier demand for logistic real estate heavily and this asset class thusly has high priority with investors. Notwithstanding the competitive environment we were able to acquire a sustainable logistics property on behalf of our Korean partners,’ said Reinoud Plantenga, managing director of Warburg-HIH Invest Benelux.
’This deal was transacted entirely during the ongoing coronavirus pandemic, including site inspections, negotiations, audits and acquisition. Our Korean investors had the capacity to act even during these special times and show keen interest in the European property market,’ said Matthias Brodesser, head of Transaction Management International at Warburg-HIH Invest.
’We are very pleased to have completed this transaction together with Warburg-HIH as logistics real estate is a favourable and crisis-resilient asset class. This acquisition complements our requirements of grade A logistics assets with grade A covenant and location as it supports our strategy of expanding our investment horizon in Europe and to continue to deliver sustainable returns to our investors,’ commented Eun Young Hyun, managing director of Midas International Asset Management.
The transaction further diversifies NH Securities & Investment’s asset mix into the latest trend in logistics in the Netherlands since the firm’s investment in the office asset ‘Edge Amsterdam West’ in Amsterdam in 2018. ‘Looking ahead, we expect the Dutch real estate market will maintain its strong performance and we are glad about our successful collaboration with Warburg-HIH Invest and having invested once again in the Netherlands,’ said Chris Park, managing director of NH Securities & Investment.
