AXA IM - Real Assets has completed, on behalf of clients, the acquisition of a c. 65,300m² core logistics portfolio in the Netherlands for c.€72m from Next Level Real Estate, a family-owned Dutch developer. The portfolio comprises four high-quality assets, three of which are newly completed and a fourth that was delivered in 2013, and is fully let to sole occupiers with an attractive average lease length in excess of 11 years, underpinned by strong covenants. The four properties range in size from c. 6,000m² to c. 28,500m² and have been purpose-built to modern technical specifications, with office space included at each asset. The portfolio offers flexible areas to suit a variety of potential occupiers, providing longer-term asset management opportunities, while each asset has been completed to high environmental standards and is solar energy compatible, to enhance sustainability credentials and reduce operating costs.
The portfolio is predominantly located in the south of the Netherlands, in the logistics sub-markets of Helmond, Sittard and Veghel. All assets are strategically positioned within major national and international transportation hubs that are mission-critical for distribution operators and form part of the well-established European logistics corridor.
Bernard d’Ocquier, Head of Transactions Benelux at AXA IM - Real Assets, commented: “The Dutch logistics market is underpinned by highly attractive dynamics that point to strong growth potential and resilient income streams. The strategic micro-location of each asset within this portfolio presented a compelling investment opportunity which we are pleased to have secured on behalf of clients, while our ability to conclude this deal is a credit to the expertise and unique regional insights of our dedicated local teams. We are confident that our pan-European logistics platform is positively positioned to take advantage of the structural shifts driven by the rapid growth of e-commerce, which has been accelerated in recent months, as well as evolving changes to the supply chain. We look forward to capitalising on these trends to further our ambitions for this sector, both in the Netherlands and globally.”
