CBRE Investment Management has completed the largest single asset logistics deal for the Belgium market with the off-market acquisition of Ghent Logistic Campus for an undisclosed amount.
The asset - a 150,000 m2 logistics warehouse complex in Ghent, Belgium - was bought by CBRE IM on behalf of one of its pan-European funds, via a sale-and-leaseback transaction from Heylen Warehouses, a renowned logistics warehouse specialist in the Benelux region.
Ghent Logistic Campus comprises a total of 149,409 m2 of new, state-of-the-art Grade A warehouse space, 26,854 m2 of mezzanine space and 7,957 m2 of office space. Heylen Warehouses has a long-term master lease agreement and Heylen Warehouses will remain responsible for the management of the building.
Piet van Poppel, country manager Belgium, CBRE Investment Management, said: 'This was a rare opportunity to acquire a high-quality logistics campus in Belgium – a market that is highly sought after by international investors due its strong fundamentals but remains difficult to access due to the high level of domestic investment. Ghent Logistic Campus is already located in a key multimodal hotspot and its appeal is set to increase further following the completion of key infrastructure works and as part of the broader shift to water and train transportation.'
Ralph Caspanni, CEO Heylen Warehouses commented: 'After our exponential growth in the Netherlands, we noticed an increasing demand for logistic warehouses in Belgium. With the development of the Ghent Logistic Campus, Heylen Warehouses will be able to fulfill the demand for large flexible warehouse space and support the further economic development of the Ghent Region.'
CBRE Investment Management was advised by Linklaters. The vendor was advised by Allen & Overy (legal) and Savills (commercial).