Union Investment has acquired a logistics portfolio in the Netherlands from Stellar Development. The purchase price was not disclosed.
The 83,000 sqm logistics portfolio consists of three developments in Wijchen, Aalsmeer and Utrecht. The acquisition was made for the portfolio of the open-ended real estate fund UniImmo: Global.
“As the fifth largest economy in the EU, the Netherlands has developed into an important distribution centre in Europe due to its favourable location and first-class air and sea ports. All three projects are in established locations. Aalsmeer is close to Schiphol Airport, and Utrecht is a well-known e-commerce cluster. Wijchen, on the other hand, is a strong logistics market with high demand for national XXL logistics and is one of the four fastest-growing logistics hotspots in the Netherlands,” said Stephan Riechers, Head of Investment Management Logistics & Light Industrial at Union Investment.
The first project to be developed is located in Wijchen. The approximately 37,000 sq m project will be finished in Q1 2022 and is on the Bijsterhuizen Zuid industrial estate, only 1.3 km away from the A326 motorway intersection and around 10 km from the inland port of Nijmegen.
The second project to be developed is located in Aalsmeer. The around 23,000 sq m project will be completed in Q2 2022 and is located south-east of Schiphol Airport between the airport and “Bloemenveiling Aalsmeer”, the central auction house for flowers in the Netherlands. The A4 motorway (Amsterdam-Rotterdam) is only 6 km away and the A2 (Amsterdam-Utrecht) 16 km.
The third project to be developed is located in Utrecht. The approximately 23,000 sq m project will be finished in Q4 2022. Utrecht is located in the geographical centre of the Netherlands, around 35 km south-east of Amsterdam. The city has a good connection to Amsterdam and Schiphol Airport via the A2 motorway and to Rotterdam via the A12 motorway.