Through a wholly-owned Dutch subsidiary, USAA RealCo – Europe, B.V. (“RealCo B.V.”) announced the acquisition in Utrecht, The Netherlands of a 33,955 m² Class A logistics warehouse facility, a 4,080 m² multi-story office building, and the adjacent 19.70 acres of land.
The logistics facility, located at Atoomweg 111-115 within Lage Weide, one of Utrecht’s principal business parks, was developed in 2012 by Somerset Real Estate B.V. on behalf of internationally recognized logistics provider, Kuehne + Nagel. RealCo B.V. will engage Somerset to develop a new 28,557 m² logistics facility on the 19.70 acre tract, to permit expansion or to provide much-needed, modern Class A inventory to the Utrecht market. Somerset also will refurbish the vacant space within the acquired office building. RealCo was represented in this transaction by the brokerage firm 3Stone Real Estate, and by CMS Derks Star Busmann as legal counsel.
Currently the fourth largest city in The Netherlands, centrally-located Utrecht is also a leading logistics gateway to European and international trade markets. The Utrecht facility that RealCo B.V. is acquiring serves as a fast-moving consumer goods center and is a state-of-the-art logistics warehouse, featuring 12.2 meter minimum clear height with 10,000 square meters of 33 meter high bay space.
This acquisition marks RealCo B.V.’s first European transaction. RealCo expanded its investment footprint into Europe in April this year with the launch of an Amsterdam office and the entry into a strategic development and investment venture with Mountpark Logistics, initially mandated to focus on logistics development across continental Europe. RealCo B.V. expects to soon announce its first projects with Mountpark.
“It is with great pleasure that I announce our first European investment, following the launch of our European operations in Amsterdam this past summer,” commented USAA Real Estate Company CEO Len O’Donnell. “Logistics has long been a major part of our business, and this first Class A transaction serves not only to highlight our dedication to securing high-quality investments, but also demonstrates our team’s knowledge of and relationships within the global logistics sector.”
Added David Buck, head of European Operations: “We could not be more excited to begin our European activities by acquiring an asset of this caliber, occupied by a world-class tenant, and with a developer of the quality of Somerset to work with to improve the balance of the site.”
Source: USAA Real Estate Company