Aberdeen Standard Logistics buys Dutch logistics warehouse
Aberdeen Standard Logistics buys Dutch logistics warehouse – Aberdeen Standard European Logistics Income has signed an agreement to acquire a freehold logistics warehouse in Ede in the Netherlands for a net value of EUR26.5 million from David Hart Group. A fully CPI-indexed lease has been signed with Dutch retail and pharmacy operator Kruidvat (part of the A S Watson Group) which commenced on 1 August 2018 for a period of 10 years (with no break option). A large part of the warehouse will be used to expand the company’s growing e-commerce business. The estimated gross yield on the property is 6.3%.
Ede, which has over 110,000 inhabitants, is centrally located in the Netherlands and is well positioned for national distribution. The proximity of major roads and railways offers fast connections to the Port of Rotterdam, Schiphol airport and the Ruhr area in Germany. The site is easily accessible by road thanks to its location alongside the A12 Rotterdam to Germany autoroute and the A30 to the north.
The property is located on the Heestereng Business Park, a large mixed use site encompassing logistics, wholesale and production companies. Examples of Third Party Logistics or 3PL operators located there are DB Schenker, Van de Hoef Logistiek and Alon Logistiek.
Ede is also well-known as the “Food Valley” in the Netherlands with a high concentration of science, business and research institutes in the region with a focus on food. Wageningen University & Research is the expertise heart of this strong region, and companies like Unilever and Friesland Campina have their R&D divisions there. The opening of the World Food Centre in Ede in mid-2020 will improve this position with this specialist economic cluster of businesses serving as a magnet for further activity.
The property itself, which has recently undergone improvement works, has a total area of 39,840 square metres comprising warehouse and mezzanine space and an office building with 90 dedicated parking spaces. Specifications are very modern with eaves height of 12.2 meters, 18 docks and 5 ground level doors. The warehouse separately has 200 parking places on site together with extensive trailer parking.
Evert Castelein, the Company’s Fund Manager, commented: “The deployment of capital into quality assets in France, Germany, Spain and now the Netherlands underlines the diverse nature of the portfolio which we are creating by investing across Europe. Following the two acquisitions in Germany and recent announcements regarding the purchase of properties in Avignon (France) and Leon (Spain), this purchase means that we have now committed capital to purchase five assets totalling over EUR139 million. Negotiations remain ongoing to acquire further properties in Germany and Sweden representing further investment volume of approximately EUR70 million, whilst the pipeline of opportunities remains strong.
We are extremely pleased to have signed this latest purchase agreement for this logistics asset, which is located in a central position in the Netherlands. This property will generate a strong, sustainable and indexed income stream thanks to the quality of the location, the modern specifications of the asset and the long-term lease.”
ASLI : Aberdeen Standard Logistics buys Dutch logistics warehouse