Aberdeen Standard Investments’ European Property Growth Fund (EPGF) has agreed to forward fund a new 43,000m² distribution centre in Venlo, the Netherlands. EPGF will invest €31.67m to acquire the property at Trade Port Noord business park from H. van den Boogaard Projects who had purchased the site from Ontwikkelbedrijf Greenport Venlo. This transaction is the fund’s third logistics development in the Netherlands and the second investment in this location, taking investments in the Dutch market to over €160m.
The completed centre will deliver a total of 39,100m² of state-of-the-art logistics accommodation, a 2,760m² mezzanine, 1,100m² of office space, and parking for 175 cars. It will be divided into two separate units. Construction is underway, with completion expected in Q4 2019. VDR Bouwgroep has been appointed as head contractor.
Veronica Gallo-Alvarez, Fund Manager at Aberdeen Standard Investments, said: “This investment meets our strategic objective to focus on well-located, logistics assets in core European markets with potential for value uplift and income producing over the medium-term. It enhances the opportunity for EPGF to capitalise on the continuing trend of e-commerce expansion, which is re-shaping the logistics sector across Europe.”