Savills Investment Management has completed the sale of DSV Venlo, a core logistics asset in the main logistics hub in The Netherlands. The transaction was completed on behalf of Vestas Investment Management for a total of €105m.The disposal is the realisation of five-year business plan and crystalises a significant capital value uplift since acquisition, delivering a double-digit net IRR.
The success of this project is further testament to Savills IM’s asset management capabilities, and its strategic focus on “beds, sheds, debt and APAC”, four areas that Savills IM believes have the best chance of outperformance over the coming cycle. The asset comprises c.103,000m² and was acquired by Vestas in 2018 in a sale and leaseback transaction from DSV, the Dutch logistics company, immediately following construction.
The tenant originally signed up to a 10-year lease but has since extended its occupation due to the importance of this location for its logistics network in the Netherlands. The asset also benefits from BREEAM 'Excellent' certification.
Marcel Fleminks, Co-Head, The Netherlands, Savills Investment Management commented: “We have successfully executed the business plan as set out in 2018 in spite of the more challenging market conditions. It’s a great result for all parties involved and we would like to congratulate Vestas on the outcome.”
Alistair Ennever, Head of Europe, Vestas Investment Management commented: "We are very pleased to have concluded this transaction and wish to thank all those involved who helped make it happen. The quality of the asset and location are undoubted and despite recent market challenges we, in partnership with Savills IM, have delivered a double-digit return to our investors since acquisition in 2018."
