PATRIZIA Immobilien AG has agreed to acquire a state-of-the-art, 57,000 sq m logistics property in Waalwijk in the south of the Netherlands.
The acquisition was made on behalf of PATRIZIA Logistik-Invest Europa II from Magna Tyres Group in a sale and leaseback transaction. Delivery is expected in November 2019.
The brand-new property is built to a BREEAM ‘Excellent’ standard and is located at the Haven 8 business area in the Netherlands’ southern logistics corridor, benefitting from good connectivity with the rest of continental Europe. It is around an hour’s drive from the ports of Rotterdam and Antwerp, over the border in Belgium, and it less than two hour’s drive from the German city of Düsseldorf.
Emile Poort, Head of Transactions Benelux at PATRIZIA, commented: “This property is another high-quality asset that underlines PATRIZIA’s continued interest in the pan-European logistics market, particularly the Netherlands, which is characterised by a limited supply of high-quality, modern warehouse space and increasing demand. It is this demand that will fuel favourable contractual terms and rental growth, and that means value growth for our clients.”
This acquisition follows the recent purchase of a ‘cross-dock’ logistics portfolio in Germany, also for Logistik-Invest Europa II, which has a target volume of EUR 700 million. Across Europe, PATRIZIA manages almost EUR 2 billion of logistics assets.
Source: ATRIZIA Immobilien AG