Halverton REIM and CBRE Investors have announced the launch of the Benelux Industrial Partnership (the 'Fund'). The Partnership has been creted specifically for clients of CBRE Investors to invest primarily in multi-let industrial property in the Netherlands and Germany.
At its first close, the Fund has raised €80 million of equity, all of which is being provided by CBRE Investors' clients. The Fund will be managed by Halverton REIM and will make initial investments totalling approximately €200 million. Three acquisitions totalling €80 million have already been made and it is estimated that the Fund will be fully invested by September 2007.
Taco de Groot, Chief Investment Officer of Halverton, will lead the acquisition programme.
The first three acquisitions on behalf of the Fund are located in Amsterdam and Helmond in the Netherlands. The Helmond property is a 22,000-m² newly built industrial estate offering well specified accommodation, with average unit sizes of 1,400 m². The prestigious Amsterdam Trade Park is the home of the second property: a 33,000-m² multi-let estate. The third property is a 37-unit estate very well located on the Avio Trade Park, close to Schiphol Airport.
Richard Croft, Chief Executive of Halverton, said, "We are delighted to be working with CBRE Investors in the creation of the Benelux Industrial Partnership. The Fund is a clear example of how innovative asset and fund management can work hand-in-hand to provide an excellent product for investors. The core focus of the Benelux Industrial Partnership is to acquire multi-let industrial assets with attractive ingoing yields and potential to add value through our active management."
Jeremy Plummer, Managing Director of CBRE Investors Global Multi Manager, added, "This is a good example of how we work proactively to meet our clients' evolving requirements and our focus on investing with leading specialist managers in Continental Europe. Halverton's team have an exceptional track record of delivering excess returns from industrial property and this bespoke vehicle provides our clients with access to this expertise."
Advisors on the deal included Wragge & Co and Stibbe (legal), Jones Lang LaSalle (corporate finance structuring), Société Générale (debt finance) and Deloittes (tax).