European industrial property developer CTP has acquired the Amsterdam Logistic Cityhub (ALC) for €307 mln from entrepreneurs Wim Beelen (Larendael Development) and Paul Vermaat (Bridges Real Estate).
The under-construction XXL city hub in the Western Docklands of Amsterdam will comprise 120,000 m2 of storage and last mile, multi-layer distribution space on completion.
According to CTP, the ALC acquisition marks the largest single-asset transaction in logistics real estate in the Netherlands to date.
ALC is a multi-tenant complex and includes approximately 11,000 m2 of office space, with approximately 1,700 parking spaces, 200 loading docks and a private 180-metre quay. Located in the port of Amsterdam, it offers direct access to the A10 ring road and the North Sea Canal.
The hub is expected to be completed in the fourth quarter of 2022 and is already partly leased up.
Ralph de Munnik, director of CTP Netherlands, said: 'We are extremely proud to have been able to conclude this agreement and look forward to an intensive cooperation with the City of Amsterdam and Port of Amsterdam.
'The Amsterdam Logistic Cityhub is an absolute pioneer in the field of 'last mile' logistics solutions to relieve busy city centres. There’s a strong demand for such logistics business space in the Amsterdam region and we expect this demand to only increase.
'Currently, the supply and the development pipeline in the region with a vacancy rate of approximately 6% are limited. The city hub is therefore a unique opportunity for us to serve both existing clients of CTP as well as new clients in the Amsterdam region and fits our profile as property developer of high-tech business parks.'
The sustainable construction project claims to offer energy neutral business operations and is energetically self-sufficient. Thanks to a connection with the city centre by water, it enables transport with electrically powered boats, and generates electricity through solar panels and wind turbines. ALC will be BREEAM Excellent-certified on completion.
Wim Beelen, entrepreneur and creator of ALC said: 'The vision for Amsterdam Logistic Cityhub has always been strong. This transaction confirms CTP's confidence in the concept and in the developments of the logistics market in the Amsterdam region. With ALC, we have created a new perspective on inner-city logistics; the hub sets the tone for the future of the industry and contributes to an emission-free inner city.
'Our team is incredibly proud to have brought ALC to where it is today, and even more so to have finished our 'last mile' with a historic transaction.'
CTP was advised in the transaction by Dentons Amsterdam (legal), Savills Netherlands (commercial) and EY (tax), the selling party was assisted by DLA Piper and CBRE.