TH Real Estate made the acquisition, acting on behalf of its European Cities Fund.
There are two phases currently. Phase 1, which includes units one and two –was competed in November 2017. Phase 2, which includes units three and four—has been completed recently. Another phase is also potentially under discussion, and it would provide a further 43,427m² of space.
The property is let out on a 15-year lease to an international retailer – who plans to use it as its main distribution hub – to serve its fast –growing e-commerce network across Western Europe. The distribution centre itself, is located in Limburg – one of the most mature, well-developed and established logistics markets in Europe. It plays its role as a European hub – situated in the logistical hotspot between the main ports of Netherlands, and Germany. It offers good multimodal connections through water, rail and road – to ensure there is always optium accesibility.
Liz Sworn, Co-Fund Manager for the European Cities Fund, TH Real Estate stated : “Being the first logistics asset acquired for the Fund, Venlo is a good diversifier. Its Grade-A quality, strong location, large lot size and tenant covenant strength make it an exciting addition to the Fund, enhancing returns and diversification for our investors.”
The European Cities Fund is part of TH Real Estate’s resilient global cities series — which is focused on applying strategies designed to focus on diversification, income and long-term capital growth – by investing in high-quality assets in leading cities that are well positioned in terms of demographics, urbanization and technology.
Venlo marks the fund’s second asset in Netherlands, and the 10th overall – with Warehouse, a prime office in the country being the first.