Europa Capital has completed the acquisition of a portfolio of five logistics properties in the Netherlands from Altera Vastgoed. The 78,100m² portfolio is 100% let to six tenants. The five assets are located along the Netherlands’ key distribution corridor between the major port of Rotterdam and the German border at Venlo. The new assets complement the strategy’s three existing logistics properties in Tilburg, Oss and Eindhoven to create a platform totalling 160,000m² in the Netherlands and valued at over €120m.
The core diversified income portfolio, with a value of over €265m, includes fully let office assets in Paris and Munich and generates a total gross rent of almost €14.25m. Further logistics and residential acquisitions will be the near-term focus of the investment strategy, which is aimed at attracting institutional investors from Europe, Asia and the Americas in order to grow the vehicle to over €2bn in the coming years.
Andy Watson, Partner and Fund Manager at Europa Capital, commented: “This portfolio is in line with our focus on acquiring core properties in liquid western European markets. With the Dutch economy remaining in robust health and seeing rapid growth in both e-commerce and logistics demand, we see an opportunity to use our asset management expertise to grow this income over the short to medium term.”
James Farmer, Transactions Director at Europa Capital, commented: “12 months ago we set out to create a Dutch logistics platform of over €100m for this vehicle. Having successfully aggregated assets for this platform, the strategy now owns properties in almost all the key logistics locations across the Netherlands.”