Europa Capital has acquired a portfolio of five multi-let light industrial estates in the Netherlands from Altera Vastgoed, on behalf of Europa Capital’s value-add fund, Europa Fund V, which will be incorporated into the Dutch Light-Industrial Platform. The portfolio, which totals c.75,000m² across eight buildings, is 95.7% let to approximately 50 tenants including Sanquin Bloedvoorziening, BAM and Welzorg Nederland. The average rent equates to €59.40 per m² per annum with a WALT of 3.0 years. The properties are all situated in key urban centres: Amsterdam, Bleiswijk and Lijnden in Randstad, as well as Best and Son en Breugel near Eindhoven. The purchase price was not disclosed.
James Fortescue, Partner at Europa Capital, commented: “This latest acquisition presented an opportunity for DULIP to expand its portfolio of well-located industrial real estate, with all of these assets close to key urban centres and accessible via major European transport infrastructure. The Netherlands has an open and robust economy, with the industrial subsector flourishing alongside the proliferation of smaller businesses and growth of online retailing, as well as the growing demand from consumers for ‘last mile’ deliveries. Our strategy is to invest additional equity into these properties through a programme of active asset management to enhance these assets for occupiers, thereby reducing vacancy and increasing rental income to deliver further improved returns to our investors.”