PATRIZIA AG, a leading partner for global real assets, has acquired a two-asset logistics scheme in Veghel, The Netherlands, on behalf of its institutional clients for around EUR 65 million from Next Level Real Estate; a renowned logistics developer in the Netherlands.
The first unit, measuring 25,929 sq m, which was completed in April 2020, is let on a ten-year lease to Friesland Campina, the largest dairy cooperative in the world. The second unit of 28,211 sq m is scheduled to be completed by early 2021. The building is equipped with 52 loading docks and four level access doors.
The asset is located in the Food Park Veghel, a logistics park, 20 kilometres north of Eindhoven, with a specific focus on agriculturally produced food and related sectors. The location benefits from excellent transport links due to its close proximity to the A50 and N79 motorways and the inland river barge terminal.
Alexander van Gastel of the PATRIZIA transactions team in The Netherlands, commented: “This is an exciting, brand new asset that meets the growing demand for high quality logistics space in the region. Logistics has recently proven to be one of the most resilient real estate sectors. Covid-19 has accelerated existing e-commerce trends and so we are confident this asset will deliver long term secure income to our investors.”
PATRIZIA’s European logistics portfolio now stands at over EUR 5 billion and represents around 11% of total AUM.