Granite Announces Acquisition of Three Prime Logistics Properties in the Netherlands
Largest asset is 45,000 m² Decathlon national distribution centre in Tilburg
Granite Real Estate Investment Trust (“Granite”) (TSX: GRT.UN / NYSE: GRP.U) announced that it has agreed to acquire three prime properties, together comprising nearly 80,000 m² at a combined purchase price of approximately €89 million.
These state-of-the-art facilities, located in Tilburg (45,000 m²), Weert (22,000 m²) and Ede (12,000 m²) are built-to-suit and will be delivered in mid-2020 and early 2021.
The properties are 100% leased to three prominent European tenants for a weighted average lease term of approximately 11 years.
Several sustainability features have been incorporated in the design of the properties, and they are expected to receive a BREEAM “Very Good” certification at minimum.
Kevan Gorrie, Granite’s President and CEO, commented that following the opening of the new Amsterdam office in 2019, this acquisition signifies Granite’s strategy to expand its European logistics platform and further establish its presence in Europe.
“Adding these state-of-the-art assets to our European portfolio represents a significant step forward for Granite’s European investment strategy. Together with our earlier acquisition in Born, we have now transacted on well over €100 million in properties in the Netherlands alone in the past six months.”
Witsard Schaper, Granite’s Head of Europe said, “This transaction further demonstrates our ability to source and execute attractive opportunities in the current market. We are pleased to be able to partner with experienced and well-regarded developers such as HVBM and look to build on these relationships”.
Whilst Granite has identified the Netherlands as one of Europe’s strongest logistic growth markets, Mr. Schaper added that both Germany and Poland showed similar characteristics and are core target markets for the company.
“We are strategically committed to these markets and will continue to pursue attractive opportunities in Germany and Poland as well this year”, Schaper said.
Granite is a Canadian-based REIT engaged in the acquisition, development, ownership and management of industrial, warehouse and logistics properties in North America and Europe.
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