TH Real Estate, acting on behalf of its European Cities Fund, has purchased a logistics development in Oirschot, in the Netherlands, from a joint venture between SDK Vastgoed (VolkerWessels) and MG Real Estate. The purchase price has not been disclosed. The construction of a 98,000m² distribution centre has already begun.
Located in one of the most important hubs for e-commerce activities in the Netherlands and Western Europe, the area is known as the logistics hotspot of Eindhoven. It had good multimodal connections, which ensures efficient and optimal accessibility. Catering to e-commerce tenants requires special designs within logistics buildings, Westfield has been designed with this in mind. This sale demonstrates the demand for logistics space in this area of the Netherlands from both local tenants and investors as well as international investors.
Thorsten Kiel, Head of European Industial and Logistics at TH Real Estate, comments: "We are very happy to have worked with the joint venture on the successful completion of Westfield Logistics Development. The European logistics market remains very attractive and the location of this asset makes it particularly appealing. We have now grown our logistics platform in the Netherlands to over €300m 2018, with further investments planned for in 2019."
Anton van Vlerken, CCO the Netherlands & Nordics at MG Real Estate, comments: "We are very pleased with the close partnership with TH Real Estate and look forward to working together to ensure the successful completion of Westfield Logistics Development BV."
Dennis van de Ven, director SDK Vastgoed, adds: "The creation of this logistics hub is an excellent example of cooperation within the local Brainport region. "Together with the Municipality of Oirschot, we saw the potential of this site to provide a high spec logistics facility, the successful sale to TH Real Estate confirms we have accomplished what we set out to do."
