Hines has acquired a logistics distribution centre and the adjacent retail premises in Tiel, The Netherlands, on behalf of the Hines European Value Fund 2 (HEVF 2).
Hines said the acquisition marks the fund’s first investment in The Netherlands.
The 40,000-square-meter logistics distribution centre is occupied by a Dutch DIY brand which acts as the company’s logistics hub for The Netherlands. The 4,000-square-meter retail unit is leased to a Dutch homeware chain and has recently been refurbished, demonstrating the tenant’s long-term commitment to this location.
The assets are located in Tiel, an established logistic hub in the Noord-Brabant logistics corridor, with excellent highway connectivity to the ports of Rotterdam and Antwerp via the A2 and A15 motorways and adjacent to the Waal river.
Hines fund remains interested in gaining exposure to the Dutch logistics market because of its strong market dynamics, and this acquisition represents an excellent opportunity due to the flexibility the asset offers and the potential to deploy Hines’ expertise to further add value.
The HEVF series invests across the major real estate sectors. HEVF 1 focused on core-plus and value add office investments and HEVF 2 is most active in the logistics and living sectors. HEVF 2 will continue to pursue high quality core-plus and value-add assets in The Netherlands.
“HEVF 2 continues to see opportunity and value in the logistics sector, so we are pleased to have acquired our first logistics asset in The Netherlands. Its location is important, as we foresee strong long-term growth prospects for logistic assets in the area which is well positioned to serve The Netherlands,” said Paul White, Senior Managing Director and HEVF 2 Fund Manager at Hines.
“We continue to grow our portfolio of high-quality assets, development projects and tenants across The Netherlands particularly in the logistics, living and mixed used sectors. This acquisition is consistent with our established value-oriented approach. It is a high-quality location with highly functional buildings that we can improve over time so that it continues to serve the tenant well into the future. We look forward to maintaining these positive relationships and we thank the previous owners for their stewardship thus far,” said Andy Smith, Senior Managing Director and Country Head for The Netherlands at Hines.
