US developer-investor Hines has acquired a 62,000 m2 urban logistics distribution centre in Utrecht, the Netherlands, on behalf of the Hines Pan-European Core Fund (HECF).
Hines acquired the asset from vendor Ramphastos for €60 mln.
The scheme is occupied by retailer Hema and acts as the company’s logistics hub for the Benelux region, serving over 550 Hema stores. Hema has occupied the site since 1965 and will lease the warehouse from HECF for 10 years. The complex is located in Utrecht’s Lage Weide urban logistics hub in the centre of the Netherlands.
Since 2019, HECF has sought to increase its exposure to urban logistics and residential assets in key European cities within its portfolio. The Hema Distribution Centre represents the third urban logistics investment by HECF over the last 12 months, and further logistics investments are expected to complete in the coming months.
Peter Epping, senior managing director and HECF fund manager at Hines, said: ‘Location is crucial and we see strong long-term prospects for the logistics hub of Utrecht Lage Weide, which is uniquely positioned to serve the Benelux region and benefit from increasing demand for urban logistics assets. We are actively assessing a number of other urban logistics projects in top tier cities in Europe.’
‘The Dutch logistics property market has proven a very stable sector in recent years, which provides peace of mind and confidence for both investors and occupiers – despite the current Covid-19 crisis. Utrecht and especially Lage Weide is ideally located for national and international distribution, with Lage Weide currently having no vacancy at all in buildings larger than 10,000 m2,’ added Douglas van Oers, director Logistics & Industrial at Savills in the Netherlands which advised the buyer.
Hines was advised by Savills, Eveda Capital, Simmons & Simmons, Cushman & Wakefield (Project & Development Services), Hollis, Ramboll and PWC.