GARBE Industrial Real Estate has acquired a 39,334m² logistics turnkey development at Rotterdam Pernis, in an off-market forward-commitment transaction from Dudok Real Estate. The property was purchased on behalf of the “UII Garbe Logistik Fonds” vehicle, which was jointly launched by Union Investment and GARBE Industrial Real Estate in 2020. It is an institutional fund that invests in European logistics real estate. GARBE Industrial Real Estate handles the fund’s lettings, property management, and asset management via its integrated platform while taking care of the investment management together with Union Investment.
The development is located on a 47,000m² leasehold plot comprising approximately 33,700m² of warehouse and mezzanine space and 5,600m² office space overlooking the port of Rotterdam, as well as 323 car parking spaces and another 12 spaces for trucks. To be completed in July 2022, the property will be fully occupied by Neele-Vat Services, a leading logistics service provider, with a 15-year lease. It is intended to procure a BREEAM certification with a “Very Good” rating and the property will have a roof-mounted solar panel installation.
Janica Gerecke, Member of the Executive Board at GARBE Industrial Real Estate responsible for European investments, commented: “We are following our pan-European strategy with our partner Union Investment by purchasing this property in the Dutch port of Rotterdam. At the same time, we are constantly screening the markets in Italy, France, and Spain for our next acquisitions.” GARBE operates branches in each of these countries, and therefore has the necessary local know-how."
Louca Benders, Investment Manager at GARBE Industrial Real Estate Netherlands, added: “Land resource is scarce, construction costs are skyrocketing and demand for lettable space in logistics is high. The Port of Rotterdam is a critical logistics hub, both in size and significance globally, being located in one of the top-tier logistics destinations in the world. Therefore, this acquisition represents an important step in our rapid-growth strategy offering a comprehensive package of services in key logistics hubs around the country.”
The Port of Rotterdam is the largest seaport in Europe and also the biggest globally outside of East Asia spanning 105 sq kilometers. From 1962 until 2004, it was the world’s busiest port by annual cargo tonnage. Rotterdam consists of five distinct port areas connected to a hinterland stretching from western to eastern Europe with over 50 million consumers. Pernis, a sub-municipality of Rotterdam with a population of around 5,000, is famous for its petrochemical industry.
Wouter Vos, Managing Director of Dudok Real Estate said: “Together with Neele-Vat Logistics, we developed a sustainable and state-of-the-art distribution centre and headquarters. This successful re-development of a former and outdated office park in the heart of the Port of Rotterdam, confirms the status as logistics hotspot. As the availability of land is becoming very scarce we have to focus on brownfield locations with potential. On this specific re-development, we had the strong support of the Port of Rotterdam and the Municipality of Rotterdam. Together we managed to revitalize this industrial park.”
