PGIM Real Estate has made its first acquisition in the Netherlands on behalf of the investors in its European core strategy. It has purchased a modern 20,918m² warehouse property with 68 parking units in the Dutch city of Eindhoven, the fifth-largest city in the Netherlands. Located close to Eindhoven Airport, the area is a strong logistics hotspot in the country—ideal for “last mile” operations for supermarkets and parcel delivery groups. The warehouse is fully let to one of the world’s leading logistics companies. The purchase price was not disclosed.
Thomas Kallenbrunnen, senior portfolio manager for PGIM Real Estate’s core European strategy, commented: “After our European core strategy’s first acquisition in the UK last month, we are extremely pleased to follow up with our first purchase in the Netherlands. Logistics is a key sector for the Dutch economy and has been a key long-term focus for our European core strategy. This property is located in a strong logistics submarket in the south of the Netherlands, which is connected to important transport hubs through direct motorway and airport connections. Availability of high-quality logistics space continues to be limited in the Netherlands, pointing to meaningful demand in the years ahead.”
