The acquisition of a logistics complex in Oevel and a distribution hub in Aarschot is part of the strategic growth plan of Intervest Offices & Warehouses (hereinafter Intervest). This is based on a reorientation in the offices portfolio and an expansion in the share of high-quality logistics real estate in Belgium, the Netherlands and Germany.
The site in Oevel provides an expansion in the logistics corridor along the E313-E314 motorway on the Antwerp-Limburg-Liège axis. It benefits from an excellent location along the E313-E314 and forms a cluster with Intervest’s current properties in Oevel and Herentals. Through this investment, Intervest is strengthening its market position on this important logistics axis.
With the acquisition of the distribution hub in Aarschot, Intervest is planning ahead to take advantage of the increasing importance of rapid urban distribution. Thanks to its location near Leuven, just 4 km from the exit to the E314, it is ideally located for last-mile distribution activities. With this investment Intervest is responding to the increasing importance of distribution hubs, which are essential for the rapid growth of e-commerce.
Further to this €12,75m transaction, the fair value of Intervest’s logistics real estate portfolio increases by 4% to €322m, with logistics real estate now making up 52% of the total real estate portfolio.
The site in Oevel includes 10.840 m² of storage space, 410 m² of mezzanine and 410 m² of offices and is being leased until 2022 by Vos Logistics, a European logistics services provider. The company provides transport services for packaged and bulk goods and offers logistics and distribution solutions. The entire building is equipped with photovoltaic installations.
The site in Aarschot consists of 2 logistics buildings together accounting for 11.570 m² of warehouse space, 600 m² of office space and 2 smaller storage spaces of 800 m² each. Since 1 January 2017 80% of the site is under a long-term lease to BPost, which is now in the process of setting up an up-to-date regional distribution centre that will soon be operational. The average weighted duration of the lease agreements at the site is 5,9 years to the first possibility of termination.
