Ashtenne Holdings plc (“Ashtenne”), the property investment and active management specialist, has successfully let three units totalling 182,180 sq ft of its seven unit 550,000 sq ft logistics warehouse park in Amersfoort, near Utrecht, Netherlands. The property was acquired from Hays plc in October 2003 for £8 million, subject to a rent guarantee agreement.
The warehouse, which was vacant at the time of purchase, has been substantially refurbished to include the installation of sprinklers throughout. Ashtenne is marketing the property actively, and has already completed three leases with global logistics organisations Exel plc (“Exel”) and Fedex Express Europe (“Fedex”) and with A&D Autos B.V. (“A&D Autos”), a Dutch car dealership.
Exel has taken 130,480 sq ft of space on a rolling contract whilst Fedex and A&D Autos have both taken five-year leases with an option to renew for another five years. Fedex has taken 29,000 sq ft at a rent of £98,700 pa (£3.40 psf), while A&D Autos will occupy 22,700 sq ft of space at a rent of £80,000 pa (£3.50 psf).
Ian Watson, joint chief executive of Ashtenne, commented: “This acquisition is proving to be a real success. It is an example of Ashtenne’s commitment to working with organisations seeking to dispose of assets surplus to their requirements. We have been able reduce the rental guarantee significantly to the benefit of the vendor and are on the way to creating a good investment. The ability to provide appropriate good value space and act in a flexible manner has been key”.