German property investor Patrizia Immobilien has acquired a new, state-of-the-art logistics facility in the port of Amsterdam from a Dutch developer for around €59 mln.
The purchase was made on behalf of the Patrizia Logistik-Invest Europa I open-ended alternative investment fund (AIF).
The 70,000 m2 property will serve as an urban distribution centre in the Netherlands for an unnamed Dutch trading company which will occupy 100% of the facility on a long-term lease. Delivery of the facility is expected in January 2019.
As a result of this transaction, Patrizia's logistics portfolio has reached a value of around €400 mln across Europe, including assets in France, Belgium, the Netherlands and Germany.
'From the perspective of the institutional investor, the attractiveness of the logistics sector has increased considerably in recent years due to the high levels of demand for this type of space as retailers adapt to the disruption caused by ecommerce,' said Rob Brook, Patrizia's head of logistics investment. 'In addition to this, the asset class offers attractive yields in comparison to other commercial assets such as offices and retail. Logistics as an asset class across Europe will continue to be a focus area for Patrizia going forward.'