Barings has let a 5,000 sq m Grade A logistics unit at Abc Square, the first logistics building to be developed at Schiphol Trade Park in Hoofddorp, the Netherlands.
The unit forms part of a single 36,000 sq m building, which was developed and completed by Barings and a joint venture between Delta Development Group and VolkerWessels Logistics Development earlier this year.
Barings said the letting, which takes the newly built asset to 100% occupancy, has been completed on behalf of a core investment strategy.
Logistics company, Rapid Logistics, has agreed a long lease for the unit, which increases the WAULT of the asset to 7.5 years. Rapid Logistics will join three other occupiers at Abc Square, including OTX Logistics and ICE Robotics EMEA.
Situated on Schiphol Trade Park, the asset is just one mile from Schiphol Airport, with direct access to the A4 highway. The building, which is in the heart of the Randstad conurbation, is ideally located for both production and distribution and benefits from access to high-quality transport links.
“This letting is particularly significant as it brings one of the first schemes to be completed on Schiphol Trade Park to full occupancy. We continue to see fierce demand for well-located logistics assets around gateway cities in the Netherlands, a trend that has been accelerated by COVID-19 due to the additional pressure being placed on supply chain and logistics networks. When we agreed to develop this asset back in 2018, we saw an opportunity to capitalise on the need for high quality logistics space in the area and the speed at which we have been able to let up the space has endorsed our decision to develop this high quality asset with excellent green credentials on a speculative basis,” said Robbert-Jan Van Baal, Head of Real Estate Transactions, Benelux at Barings.