Logicor adds two Netherlands logistics properties
28 May 2015
Logicor, the leading pan-European owner and operator of logistics properties, announces the addition of two logistics assets to its Netherlands portfolio.
The assets were acquired from a fund managed by INTERNOS Global Investors, the pan-European real estate investment manager.
The two high-quality, recently built warehouses total 65,404 sqm and are located in Roosendaal (between Antwerp and Rotterdam), and Rijnsburg (40km north of Rotterdam). The modern properties are fully leased on a long-term basis to a privately-held white goods distributor and a major Netherlands flower exporter.
Mo Barzegar, CEO and President of Logicor, said:
This transaction adds two high-quality warehouse assets to Logicor’s existing portfolio in the Netherlands and reinforces our priority of investing in strategic locations along the major European supply chain corridors. The Netherlands serves as a very important gateway into Europe for our customers and will continue to be an important growth market for Logicor in the coming months.
Jeroen Smit, Managing Director - Northern Europe, Logicor added
These assets are located in good locations. Roosendaal is the logistics hot-spot between the Rottterdam and Antwerp seaports and Rijnsburg is the heart of the floral industry close to Schiphol Airport. Both assets strengthen our presence in The Netherlands.
Sebastian Lietsch, Fund Manager of EURO LOGISTIK 1, said:
By securing new, long-term lease agreements before disposal for both properties, the occupancy rate of our Dutch logistic portfolio increased from 63% to 100% in 18 months and we were able to maximise value for investors in EURO LOGISTIK 1.
Cushman & Wakefield advised Logicor.
Colliers International acted as consultant broker on behalf of the vendor.
Logicor, Blackstone's European logistics platform, is one of the premier real estate companies in Europe focusing on the operation of modern logistics and distribution properties. Logicor currently owns and operates in excess of 7.4 million metres in properties across key markets in 12 countries.
This transaction increases Logicor’s Netherlands portfolio to 340,000sqm.
INTERNOS Global Investors is a pan-European fund and asset-management platform, specialising in real estate. The owner-managed independent company develops strategic investment and management solutions for institutional investors involving property in all asset classes in Germany and Europe. In addition to its London headquarters, INTERNOS has offices in Frankfurt, Amsterdam, Paris, Lisbon, Luxembourg, Madrid and Milan. The company employs around 110 staff. It manages more than 600 properties in a total of 11 countries. INTERNOS currently has €3.6bn of assets under management.
The remaining portfolio for this client managed by INTERNOS includes eleven logistics properties in Germany, France and Italy, with a total value of €134 million.