PRUPIM has purchased a distribution warehouse in Enschede, the Netherlands, from the German open-ended real estate fund manager WestInvest on behalf of the M&G European Property Fund.
PRUPIM purchased the building off-market. The building comprises ca. 40.000 m² modern distribution warehouse fully leased to Timberland. The purchase price of the investment is in the order of €22 million.
David Jackson, Fund Manager comments: "This represents a very good opportunity to acquire a high quality warehouse at a relatively high yield which complements the existing portfolio of primarily retail and offices."
Enschede is a well-established transport hub for the Netherlands, close to the border with Germany and with excellent motorway access.
The tenant Timberland is a leader in the design and marketing of premium-quality outdoor footwear, apparel and accessories. Timberland uses the warehouse in Enschede as their main distribution center in Europe.
Cushman & Wakefield Investors were acquisition advisors on the deal and will asset manage the investment in partnership with PRUPIM.