LaSalle Investment Management (LaSalle) and Aviva Investors announce the signing of a lease restructuring on 79,600 m² of logistics accommodation at their Venlo property in The Netherlands. The lease restructuring was undertaken with Geodis Logistics, a division of Geodis Group, subsidiary of the SNCF Group.
As part of a strategy by LaSalle and Aviva Investors, Geodis, the largest tenant, has agreed a five-year extension to a seven-year fixed period. Geodis is Europe’s fourth largest logistics operator and a subsidiary of the French government.
Ian Williamson, Portfolio Manager at LaSalle Investment Management, comments: “Over the past 12 months we have seen an increase in rental income of €700k on properties in France, The Netherlands, Sweden and Germany with lease extensions, renewals and new leases signed with companies including Geodis, Roche, METRO LOGISTICS Germany GmbH, transport firm Arriva and Swedish engineering company Grontmij.
He continues: “On aggregate we have recycled 50% of the annual rental income over the trailing 12 months through proactive asset management initiatives, securing income for the longer term and improving asset valuations.”
LaSalle Investment Management and Aviva Investors work with a diversified portfolio of commercial property across Continental Europe. The strategy invests across the major European markets with a focus on properties in France and Germany, the two most stable and liquid property markets on the Continent.