Global real estate investment manager LaSalle Investment Management has acquired an urban logistics facility north of Rotterdam, The Netherlands, on behalf of its pan-European fund Encore+.
Financial details were not disclosed.
The asset has been acquired from ULP Bleiswijk, a joint venture between USAA Realco Europe and Somerset Capital Partners.
David Ironside, fund manager of Encore+, LaSalle Investment Management, said: 'Following the acquisition of numerous logistics assets in close proximity to some of Europe’s largest cities in 2019, this deal illustrates Encore+’s ongoing strategy of increasing exposure to strong logistics locations with limited supply.
'Across Europe we are seeing that the growth of e-commerce is driving demand for logistics and we expect this to continue, especially in The Netherlands where online sales account for only about 10% of total retail sales and are forecast to grow significantly in the next few years.'
The Bleiswijk Urban Logistics Center comprises 60,000 m2 of space and is situated 15 km from the Port of Rotterdam. Its diversified tenant base includes the Dutch supermarket group Detailresult Group and Gist Nederland, the global logistics firm.
According to LaSalle, take-up of Dutch logistics has increased 14% year-on-year, but with federal planning restrictions limiting the development pipeline, rental growth, which is currently at 3.8%, is expected to continue.
LaSalle was advised on the acquisition by Solid, plus Attorneys (legal), Drees & Sommer (technical) and Deloitte (tax). The seller was advised by Loyens & Loeff (legal), CBRE and 3Stone Real Estate (agents).