Northern European real estate business ,Cording Real Estate Group (Cording) has bought an existing industrial portfolio from Focus Real Estate in the Netherlands. The portfolio consists of four properties and provide a total lettable area of around 22,300 square metres.
Cording will be taking over the investment and asset management of the properties. The overall portfolio is fully let and the existing leases have a weighted average unexpired lease term (WAULT) of more than ten years.
Two of the properties are in Eindhoven. Parkforum 1109, constructed in 2012, provides c. 5,850 square metres of accommodation. The rentable area in the nearby Parkforum 1119 – 1121, built in 2013, is 6,600 square metres. Another of the properties acquired, Theemsweg 31 in Rotterdam-Botlek, which dates from 2015, has an area of approximately 3,350 square metres. The fourth property in the portfolio is situated in Barendrecht, a suburb of Rotterdam. Constructed in 2016, it has a floor area of around 6,500 square metres.
Rodney Bysh, CEO of Cording, commented: “The acquisition of this industrial portfolio is a logical continuation of our previous involvement in this sector. Based on our extensive experience in the light industrial and logistics real estate sector and the interesting growth potential of this asset class, we will increasingly acquire and manage properties in this asset class for our clients in the future”.
Cording was advised by Colliers International. Van Doorne assisted on legal and tax matters and Malcolm Hollis on technical matters. Focus Real Estate was advised by Cushman & Wakefield and Simmons & Simmons.