Hines has acquired the 62,000m² Urban Logistics Distribution Centre in Utrecht, The Netherlands, on behalf of the Hines Pan-European Core Fund (HECF). The vendor is Ramphastos. The purchase price was not disclosed. The scheme is occupied by retailer HEMA and acts as the company’s logistics hub for the Benelux region, serving over 550 HEMA stores. HEMA has occupied the site since 1965 and will lease the warehouse from HECF for 10 years.
Peter Epping, senior managing director and HECF fund manager at Hines, said: “As HECF continues to diversify into the logistics sector with a focus on urban logistics, we are pleased to have acquired our first urban logistics asset in a strategic location in The Netherlands. Location is crucial and we see strong long-term prospects for the logistics hub of Utrecht Lage Weide, which is uniquely positioned to serve the Benelux region and benefit from increasing demand for urban logistics assets. We are actively assessing a number of other urban logistics projects in top tier cities in Europe.”
Andy Smith, managing director and country head for The Netherlands at Hines, said: “We are grateful to Ramphastos for their trust and collaboration to close this transaction at the current time. We believe strongly in the long-term potential of this property, well beyond its current life as a business-critical distribution centre for a resilient retailer like HEMA.”
Jan Willem Neggers, Partner at Ramphastos, commented: “HEMA has thrived at this location for over 50 years and through this transaction with Hines secures its future as tenant of this property for years to come. Ramphastos is supporting HEMA through active management of the company including its real estate interests and is pleased to have selected HECF as its future landlord.”
