Invesco Real Estate (IRE) has announced the acquisition of VEN03, a 85,000 m2 distribution centre in the Dutch logistics hub of Venlo for an undisclosed amount.
The forward-funding project is being developed in partnership with developer Somerset Capital Partners with completion scheduled for Q2 2020. The site is fully let to two long-term lease tenants including a leading European online pharmacy.
The asset is a newly-built, high-quality distribution centre, which benefits from a prime location in grade-A logistics park Trade Port North, near the new rail terminal which is expected to be completed in 2020. The new development is also expected to receive BREEAM ‘Very Good’ certification.
'We are very pleased to have secured this first-class asset in such a quality location,' said Fabian Manegold, senior director – transactions for Germany, Austria and The Netherlands at IRE. 'With its strategic location along the border of Germany and on some important trading routes, this investment sits at the heart of Europe’s logistics infrastructure and represents a significant new investment for us in the Dutch market.'
IRE was advised by CMS (legal), Drees & Sommers (technical), Deloitte (tax & structure) and JLL (commercial). The advisor to Somerset Capital Partners was Loyens & Loeff (legal).