Montea (MONT) and Built to Build have signed a lease agreement with NSK European Distribution Centre. The partners will develop a new build-to-suit distribution centre comprising approximately 17,300m² of warehousing, 1,900m² of offices and mezzanine of 1,900m² at the Vossenberg West logistics zone in Tilburg.
NSK is a leading producers of bearings, linear bearings and guidance systems. For the past 15 years NSK has been operating at the Kraaiven industrial zone in Tilburg. In view of the steady growth in the company’s business, it was decided to search for a larger location within the logistics hotspot of Tilburg. The new EDC will be constructed in conjunction with Montea and Built to Build (BTB) at Industrieterrein Vossenberg. On handover, NSK will lease the building for a minimum period of 10 years.
In the meantime, BTB has made a lease offer to NSK by way of a selection procedure conducted under the guidance of Industrial Real Estate Partners for the development and construction of this distribution centre and will contribute its knowledge of logistics to the build-to-suit development. BTB will again be working with Bouwbedrijf Van der Heijden on this project. BTB and Van der Heijden have previously worked together to develop various logistics centres, including Loven Estate Tilburg, Muldershof Nijmegen, Siberië I and II in Venlo.
On handover of the building, Montea will acquire the development, subject to the usual conditional terms, for an estimate investment value of €15.4m, representing an initial yield of 6.50%.
Construction works will begin once the environmental permit has been issued and the new build-to-suit project is expected to be operational by the third quarter of 2017.
Michel Mulders, BTB, said: ‘This distribution centre has been designed specifically for NSK. We have been able to design the development thanks to our previous outstanding collaboration with NSK. For instance, we have taken account of providing ultra-flat floors and a high floor load levels. We are also pleased that this ambitious project will further strengthen NSK’s growth.”
Hylcke Okkinga, Montea, said: “This project, combined with the purchase of a 20,000 m² logistics platform in Vossenberg earlier this year, confirms our strong interest in the logistics hotspot of Tilburg.”
