Aberdeen Standard Investments’ European Property Growth Fund (EPGF) is to forward fund a new 43,000 m2 distribution centre in Venlo, the Netherlands.
EPGF is paying €31.7 mln for the property at Trade Port Noord business park from H. van den Boogaard Projects which had purchased the site from Ontwikkelbedrijf Greenport Venlo.
The transaction is the fund’s third logistics development in the Netherlands and the second investment in Venlo, located in the southern Netherlands, taking investments in the Dutch market to over €160 mln.
The completed centre will deliver a total of 39,100 m2 of logistics accommodation, a 2,760 m2 mezzanine level, 1,100 m2 of office space, and parking for 175 cars. It will be divided into two separate units of equal proportions.
Construction is underway, with completion expected in Q4 2019. VDR Bouwgroep has been appointed as head contractor.
Veronica Gallo-Alvarez, Fund Manager at Aberdeen Standard Investments, said the investment ‘enhances the opportunity for EPGF to capitalise on the continuing trend of e-commerce expansion, which is re-shaping the logistics sector across Europe’.
EPGF was advised by NL real estate - Knight Frank and DLA Piper. H. van de den Boogaard Projects B.V was represented by INDUSTRIAL real estate partners and Stijl Advocaten.