Hines, the international real estate firm, has acquired a 40,000 m2 logistics distribution centre and the adjacent 4,000 m2 retail premises in Tiel on behalf of the Hines European Value Fund 2 (HEVF 2), marking the first investment in the Netherlands for the vehicle.
The logistics distribution centre is occupied by a Dutch DIY brand which acts as the company’s logistics hub for the Netherlands. The retail unit is leased to a Dutch homeware chain and has recently been refurbished.
The assets are located in Tiel, an established logistic hub in the Noord-Brabant logistics corridor.
The HEVF series invests across the major real estate sectors. HEVF 1 focused on core-plus and value add office investments and HEVF 2 is most active in the logistics and living sectors.
Paul White, senior managing director and HEVF 2 fund manager, said: ‘We are pleased to have acquired our first logistics asset in The Netherlands. Its location is important, as we foresee strong long-term growth prospects for logistic assets in the area which is well positioned to serve The Netherlands.’
HEVF 2’s capital raising is concluding with successful speed of deployment. In parallel, with this investment, the Fund will be almost 60% allocated to 8 investments across Italy, Germany, UK, The Netherlands and Spain with several other investments also in exclusivity.
Hines’ advisors on the transaction were Dentons Europe, PWC, Hollis, WSP and AeQO. Taylor Wessing, SGS Search and JLL acted for the seller. The price was not disclosed.