AEW has acquired a Grade A logistics development in Hoofddorp, the Netherlands.
The logistics asset was acquired through a forward funding agreement with developer Minerva Development on behalf of a German separate account investor.
“De President” is fully let to Scotch & Soda, the Dutch fashion retailer, on a 10 year lease. Due to complete in mid-2022, the asset will comprise 20,000 sqm of warehouse and office space over three floors with basement car parking spaces. The asset will have photovoltaic panels installed on the roof and is seeking BREEAM “Excellent” energy certification, WELL Certification “Gold” and will have an EPC label “A”.
The development is situated in Hoofddorp, a town located 20km from Amsterdam, and in one of the fastest growing economic hubs in the country given its proximity to the City and international airport. The asset will have strong transport connections, located 10 minutes from Schiphol Airport, 2km from Hoofddorp train station and adjacent to the A4 and A5 motorways with connections to Amsterdam, the Hague and Rotterdam.
Marc Langenbach, Managing Director, Head of Funds and Separate Accounts Germany at AEW commented: “This transaction presents an attractive opportunity to acquire a high quality, Grade A logistics asset with strong sustainability credentials. 100% pre-let to Scotch & Soda, the property will provide long-term income for our client, matching their investment objectives.”
Frederique Weber, Country Manager for The Netherlands at AEW, added: “The asset isstrategically located in one of the fastest growing economic hubs in the Netherlands, and in close proximity to Amsterdam, the Hague and Rotterdam, as well as Schiphol Airport. Delivery is planned for 2022 and we are looking forward to our partnership with Minerva. This acquisition further expands our Dutch logistics footprint and we remain focused on securing attractive opportunities for our clients in the Netherlands.”
AEW was advised by Cushman & Wakefield, Ambiente and GT.