Aberdeen Standard European Logistics Income (ASLI) has signed an agreement to acquire a logistics warehouse in the Netherlands for €49.9m.
The group has bought a 43,000 sq m facility in Den Hoorn at a net initial yield of 4.5%. The transaction is expected to close in January 2020.
The newly built facility, which is located within the Randstad region – the most densely populated area in the Netherlands close to the cities of the Hague and Rotterdam with access to the A4 connecting Den Hoorn with the port of Rotterdam and Schiphol airport, has been acquired on a perpetual leasehold with an option to purchase the freehold from the local municipality.
The building provides 36 loading bays covering and has 12m eaves, a floor load capacity of 5 tons per square metre, LED lighting and will have solar panels installed on the roof.
The warehouse is fully leased to logistics operator A.G. van der Helm Vastgoed Moerdijk B.V. on a 10-year CPI indexed lease.
Evert Castelein, the company’s fund manager, said: “The logistics sector remains a compelling asset class thanks to strong market fundamentals, especially in the most liquid part of the market where we have positioned the portfolio. Strong demand from investors continues and the lack of modern facilities for logistics companies should support values and capital growth, especially with greater planning restrictions over new developments, as is the case in the Netherlands.”
[This latest logistics deal struck by ASLI, its 13th in the portfolio that spans five countries, hits the sweet spot in terms of location. The area, situated close to both The Hague and Rotterdam – one of the most densely populated areas in the Netherlands, as well as having easy access to the port of Rotterdam and Schiphol airport, is in huge demand from third-party logistics and last-mile delivery operators.
The fund manager believes The Netherlands, which now makes up almost 50% of ASLI’s portfolio, is seen as the gateway to the Western European market thanks to its location in Europe with the port of Rotterdam, the largest port in Europe, and Schiphol airport playing an important role in serving cross-border and domestic supply chains – and we’d have to agree.
ASLI is amassing a portfolio in good demand-heavy locations, with indexed-linked incomes, that we believe will provide durable income streams.]
ASLI : ASLI buys €49.9m logistics units in Netherlands