Garbe, Union Investment pay €85m for logistics development in Rotterdam Harbour

Garbe, Union Investment pay €85m for logistics development in Rotterdam Harbour

Garbe Industrial Real Estate and Union Investment have purchased a 39,300 sqm logistics turnkey development at Rotterdam Pernis, in an off-market forward-commitment transaction from Dudok Real Estate.

The property was purchased on behalf of the “UII Garbe Logistik Fonds” vehicle, which was jointly launched by Union Investment and Garbe Industrial Real Estate in 2020.

The development is located on a 47,000 sqm leasehold plot comprising approximately 33,700 sqm of warehouse and mezzanine space and 5,600 sqm office space overlooking the port of Rotterdam, as well as 323 car parking spaces and another 12 spaces for trucks.

To be completed in July 2022, the property will be fully occupied by Neele-Vat Services B.V., a logistics service provider, with a 15-year lease. It is intended to procure a BREEAM certification with a “Very Good” rating and the property will have a roof-mounted solar panel installation.

Janica Gerecke, Member of the Executive Board at Garbe Industrial Real Estate responsible for European investments, commented: “We are following our pan-European growth strategy with our partner Union Investment by purchasing this property in the Dutch port of Rotterdam. At the same time, we are constantly screening the markets in Italy, France and Spain for our next acquisitions.”

Louca Benders, Investment Manager at Garbe Industrial Real Estate Netherlands, added: “Land resource is scarce, construction costs are skyrocketing and demand for lettable space in logistics is high. The Port of Rotterdam is a critical logistics hub, both in size and significance globally. Therefore, this acquisition represents an important step in our rapid-growth strategy offering a comprehensive package of services in key logistics hubs around the country.”

Wouter Vos, Managing Director of Dudok Real Estate B.V.: “Together with Neele-Vat Logistics, we developed a sustainable and state-of-the-art distribution centre and headquarters. This successful re-development of a former and outdated office park in the heart of the Port of Rotterdam, confirms the status as logistics hotspot. As the availability of land is becoming very scarce we have to focus on brownfield locations with potential. On this specific re-development, we had the strong support of the Port of Rotterdam and the Municipality of Rotterdam. Together we managed to revitalize this industrial park.”