Neo Capital announced today its acquisition of Wasco Warehouse, located in Deventer, Netherlands, for c. €45.6m.
Financing for the acquisition of Wasco Warehouse was secured from Deutsche Bank.
Constructed in 2023, the Class A warehouse has excellent ESG credentials, is equipped with 14 electric vehicle charging stations and boasts a BREEAM “Excellent” label, recently achieved following the installation of solar panels.
The Property is leased to Wasco Netherlands (Wasco) for a 10-year term. Strategically located close to the A1 and A50 highways, as well as Deventer Railway Station, the Property consists of freehold land measuring approximately 53,582m2, with a net floor area of c. 36,797m2 across warehouse, office, and mezzanine space.
Babak Sultani, Chief Executive Officer of Neo Capital said "We are excited to have acquired our third asset in the Netherlands with the purchase of the Wasco Warehouse, showcasing our confidence in the long-term potential of the Dutch real estate market. We see lucrative investment opportunities in the industrial and logistics sector, due to strong market fundamentals, including ongoing tenant demand and challenges that have been hindering new developments. The timing of the acquisition was critical as we feel interest rates have plateaued, resulting in a price correction, which we believe has now stabilized. This acquisition reflects on our real estate strategy, focusing on investments that generate stable cash flows and that are located in strategic industrial and logistics hubs across Europe.”
Image provided by Neo Capital.
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