The Standard Life Investments European Property Growth Fund has exchanged contracts with Roozen & Van Hoppe Bouw Ontwikkeling B.V. for the acquisition of a 26,932 m² logistics development in Waalwijk, the Netherlands. The purchase price is c.€19m.
This brand new state-of-the-art logistics property – branded DC Miles Waalwijk – is currently available to let, with the development due to complete in Q3 2018. It will be certified to the BREEAM Netherlands ‘Very Good’ standards. The asset compromises 19,930 m² of warehouse space, a 5,973 m² mezzanine, 1,029 m² of office space, and parking for 266 cars.
Veronica Gallo-Alvarez, Fund Manager of the Standard Life Investments European Property Growth Fund commented: “The Dutch logistics sector is performing extremely well as the rapid growth in e-commerce continues to drive demand for logistics space across Europe. This is our second speculative development in the Netherlands and supports our strategy of investing in logistics assets that will provide stable, long-term income in well-established locations across Continental Europe.”