Catella picks up Belgian shed scheme in forward funding deal

The Catella Logistics Germany Plus Fund (CLD+) has acquired a prime logistics development of around 26,600 m2 gross lettable area in Belgium through a forward-funding deal.

Financial details were not disclosed.

The asset is located in Maasmechelen in the eastern Belgian province of Limburg. It is scheduled for completion in the third quarter of 2024 and is on track to receive a BREEAM ‘Very Good’ sustainability certification.

The scheme has been fully pre-let to expanding Dutch 3PL De Klok Logistics BV, which has a workforce of over 250 employees and two other locations in the Netherlands.

Ralph Willems, senior acquisition manager, Catella Investment Management Benelux (CIMB) said: 'The Maasmechelen forward-funded development acquisition is the second Benelux transaction CIMB has completed for investment funds on the Catella pan-European market platform in recent weeks, following a sale and leaseback deal in the Netherlands for our French team.

'They both demonstrate Catella’s innovative structuring capabilities and ability to get the deals done, despite the tough financing conditions in the real estate markets, particularly for developments.'

Maasmechelen is an emerging logistics hub situated on the River Maas within the Maas-Rhine economic Euroregion that encompasses the three neighbouring border areas of Belgium, the Netherlands and Germany and has a population of about 3.9 million people.

The property is located in the established Oude Bunders industrial estate in Maasmechelen with links via the N78 regional highway and the E314/A2 motorway to the cities of Aachen, Antwerp and Brussels.

Marten Helms, portfolio manager logistics at Catella Real Estate AG (CREAG), said: 'We are taking an important step towards the geographical diversification of the portfolio of the 'Catella Logistik Deutschland Plus' fund with this purchase. This acquisition in Belgium not only expands our portfolio geographically, but also optimally complements it in terms of sustainability criteria.'

The AIF German regulatory platform for the fund transaction was provided by Munich-based CREAG, with local market advisory and asset management services handled by CIMB in Maastricht.

Catella’s legal advisors on the Maasmechelen transaction were Osborne Clarke and Reius, with tax advice provided by Deloitte. Technical consultants were PVM. The seller was represented by JLL Belgium.

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