Clarion Partners Europe has acquired a warehouse property in Rotterdam, the Netherlands, from Lone Star's Benelux asset management firm, Propertize.
Financial details were not disclosed.
The asset, which comprises 47,500 m2 in total, is located at Bosporusstraat 10 on the Maasvlakte. It is divided into four units; recent lease agreements with Odin Warehousing & Logistics and Nippon Express have brought the property to fully let.
Niek Poppelaars, co-head logistics & industrial at Savills, advisors to Propertize, said: 'The Maasvlakte area in Rotterdam is very active, confirmed by the development of the Polymer Hub Rotterdam and the expansion of the warehouse of Nippon Express at the Dardanellenstraat.
'In addition, various new developments will soon be launched at the new Distripark Maasvlakte West. This will considerably expand the warehouse capacity in Europe's most important container hub.'
Corne Valk, senior consultant investment at Savills Netherlands, added: 'The strategic location in the port of Rotterdam near the ECT Delta Terminal and the excellent connections by road and rail make this a unique property. The vital importance of the logistics sector has become even more apparent in recent months, and it is also proving to be one of the most resilient real estate sectors during this crisis.'
Savills advised Propertize on the transaction, in partnership with law firm NautaDutilh. The buyer was advised by Arcadis on technical matters and Houthoff on legal matters.