AXA Investment Managers – Real Assets
announces that it has completed, on behalf of clients, the acquisition of a
c. 65,300 sqm core logistics portfolio in the Netherlands for c. €72 million from Next Level Real Estate, a family-owned Dutch developer.
The portfolio comprises four high-quality assets, three of which are newly completed and a fourth that was delivered in 2013, and is fully let to sole occupiers with an attractive average lease length in excess of 11 years, underpinned by strong covenants. The four properties range in size from c. 6,000 sqm to c. 28,500 sqm and have been purpose-built to modern technical specifications, with office space included at each asset. The portfolio offers flexible areas to suit a variety of potential occupiers, providing longer-term asset management opportunities, while each asset has been completed to high environmental standards and is solar energy compatible, to enhance sustainability credentials and reduce operating costs.
The portfolio is predominantly located in the south of the Netherlands, in the logistics sub-markets of Helmond, Sittard and Veghel. All assets are strategically positioned within major national and international transportation hubs that are mission critical for distribution operators, and form part of the well-established European logistics corridor.
This transaction expands AXA IM – Real Assets’ c. €1.5bn European logistics portfolio ( unaudited data, as of 31 March 2020 ) and grows its exposure to the strategic Dutch market, which is characterised by a lack of supply of Grade A quality assets that’s exasperated by a scarcity of land for development. It follows the acquisition of a c. 275,000 sqm pan-European core logistics portfolio, which was completed in December of last year.
Source : Company