Invesco Real Estate has acquired VEN03, a c.85,000m² distribution centre in Venlo, considered the number-one logistics hotspot in the Netherlands. The forward-funding project is being developed in partnership with experienced developer Somerset Capital Partners with completion scheduled for Q2 2020. The site is fully let to two long-term lease tenants. The new development is also expected to receive BREEAM ‘Very Good’ certification. The purchase price was not disclosed.
”We are very pleased to have secured this first-class asset in such a quality location,” said Fabian Manegold, Senior Director – Transactions for Germany, Austria and The Netherlands at Invesco. “With its strategic location along the border of Germany and on some important trading routes, this investment sits at the heart of Europe’s logistics infrastructure and represents a significant new investment for us in the Dutch market.”
Frans Landmeter, Partner at Somerset Capital Partners further commented: “We are happy to have Invesco purchasing our Venlo development, which is leased to one of Europe's leading online pharmacies, as well as a large global apparel company. And as our new developments come to market, we hope to continue doing transactions with this prime investor.”
Jonathan Pierce, Senior Director – Fund Management at Invesco, added: “The prime location, market fundamentals and best-in-class product being delivered by Somerset supported our initial strategy to take leasing risk here. The fact the asset has become fully let upon closing is a testament to the initial conviction and an excellent result all-round. With VEN03 we add another high quality asset to our portfolio and we further grow the logistics share of our core pan-European strategy.”
