W. P. Carey Inc., a real estate investment trust announced today that it has acquired the main European distribution center of the Tommy Hilfiger Group from its current landlord, Aspen Real Estate Investments BV.
The total acquisition cost for the facility was approximately €30 million ($38.8 million). The facility is subject to an existing net lease with Tommy Hilfiger Europe B.V. Headquartered in Amsterdam, Tommy Hilfiger Europe B.V. represents the European business of the Tommy Hilfiger Group. In Europe, Tommy Hilfiger sells to more than 9,000 wholesalers and owns / operates 118 retail stores and 43 outlet stores. Since 2010, the Tommy Hilfiger Group has been owned by PVH Corp (NYSE: PVH), one of the world’s largest apparel companies.
The facility is Tommy Hilfiger’s main logistics center for all of Europe. It has received significant investment by Tommy Hilfiger for internal fit-out and has both unbuilt land and adjacent land available for expansion. The facility is located in Venlo, a core logistics hub in The Netherlands. Venlo is an established distribution location, with close proximity to the German border and the two largest ports in Europe.
Jeffrey Lefleur, Managing Director of W. P. Carey, said: “This was an excellent opportunity to acquire an operationally critical single-tenant property in a prime logistics location. As a dedicated landlord and financing partner, we welcome this opportunity to support the future growth of Tommy Hilfiger in Europe.”
Source: Pelham Bell Pottinger