Logistics and industrial investor Gramercy Europe has acquired a distribution centre outside Rotterdam and a development site in Utrecht, in two transactions totalling €40 mln.
Following the deals, Gramercy will have invested nearly €150 mln in the Netherlands for its third fund, Gramercy Property Europe III, representing over 160,000 m2 of leasable area.
'We continue to grow our latest fund’s exposure to the strongly performing Dutch logistics market, building on our deep track record and strong occupier relationships,' said Alistair Calvert, CEO of Gramercy Europe.
The distribution centre, in Berkel en Rodenrijs, was acquired from Sligro Food Group. It covers 26,000 m2 and is let to Sligro, which has inked a new, 10-year lease for the space.
The development site,located in the Lage Weide logistics park in Utrecht, was acquired from Borghese Logistics, who will act as development manager. The property will total 17,041 m2 of space and is set to achieve a Breeam very good certificate. Completion is planned for December 2019.
'These most recent transactions reflect the diversity of the sorts of deals we will look at in markets that we know intimately, one a core, long let asset to a strong covenant and the second a speculative forward funding in a location that is seeing strong occupational demand, underpinned by structural trends,' concluded Calvert.