Cording Real Estate Group advised TH Real Estate on the acquisition of a premium distribution centre in the Netherlands on behalf of its European logistics portfolio. The asset was sold by ODC C.V. for an undisclosed sum. The asset is located in Weststad business park in Oosterhout. The cross-dock logistics hub was constructed in 2014, comprising c. 367,000ft² (c.34,100m²), across two units. The Grade A-building is fully let to global discount supermarket chain Lidl on a long-term lease, utilising the asset for storage and distribution of all `non-food´ products to its regional distribution centres and retail stores across Europe.
The location offers excellent connectivity to three major motorways, linking to Antwerp, Rotterdam and Utrecht, with the water and railway networks making this an attractive tri-modal hub. Schiphol Airport, the largest Dutch airport and third busiest in Europe can be reached in 35 minutes.
James Ellis, Investment Manager, at TH Real Estate, said: “E-commerce and retail logistics are driving demand for quality space close to major population centres. Oosterhout is regarded as one of the logistics hotspots in the Dutch market, and with a flexible, modern-day building specification, the acquisition further enhances the core nature of the Fund with a stable income stream from a leading global retailer.”
Bram Dekkers, Associate Director Investments at Cording Real Estate Group: "Cording demonstrates again with this acquisition to be able to source a high-quality logistics centre for TH Real Estates’ logistics Fund ELOF in a highly competitive market. This high quality asset with a global retailer as a tenant on a long-term lease is a great addition to the Dutch part of the European portfolio. We are very pleased with this acquisition and look forward to managing this asset with our Dutch asset management team."
