AEW has completed the off-market acquisition of two fully let Grade A logistics assets, SLEGO 1 & 2, comprising a total of circa 28,000m², in the Westpoort area of Amsterdam on behalf of a separate account mandate for a German Pension Fund. The transaction represents the Mandate’s first investment in the Netherlands. The acquisition has been structured as two separate sale and lease back transactions with 10-year firm triple net leases on each property. One of the properties is occupied by subsidiaries of B&S Group.
Developed for the vendor in 2017 and 2014 by Minerva Development, SLEGO 1 & 2 have been built to a high quality standard with 22 loading bays, LED lighting and ancillary office space. Solar panels are also installed on the roof of SLEGO 2, with both properties scoring high energy ratings of EPC A (SLEGO 1) and A+++ (SLEGO 2).
Situated adjacent to the A5 highway, the assets provide excellent multimodal connectivity to Amsterdam’s ring road, the A10 highway; the port of Amsterdam, Europe’s fourth largest in terms of transshipments; and Schiphol Airport. Westpoort is also an attractive location for last mile logistics, serving Amsterdam city centre as well as the suburb of Sloterdijk, which sits opposite.
Jennifer Grune, Fund Manager at AEW, commented: “SLEGO 1 & 2 offer our client income from day one on a long WALT. The properties are of exceptional quality and well maintained with specifications suited for modern occupiers and multi-let purposes. Westpoort is a strong location and an established logistics hub, providing access to Amsterdam’s city centre and nearby infrastructure including the port and airport.”
Frederique Weber, Country Manager for The Netherlands at AEW, added: “This transaction presents an attractive opportunity to acquire Grade A logistics assets in a strategic location. This addition of SLEGO 1 & 2 further expands our Dutch portfolio as we continue to selectively grow our presence in the region, and demonstrates our ability to source high quality deals from our strong network on an off-market basis.”
