– Fourth core diversified income acquisition grows portfolio to over €180 million –
Europa Capital, the pan-European real estate investment manager, has completed the acquisition of a logistics warehouse in Oss, The Netherlands, from a private seller for €28.3 million. This represents Europa Capital’s first acquisition of 2019 and grows the combined value of its core diversified income strategy, which is seeded with capital from Europa Capital’s principal shareholder, Mitsubishi Estate, to over €180 million.
The property, which comprises 51,502 sq m, is fully leased to XPO Logistics and is located in Oss to the south east of the Netherlands in close proximity to the important German and Belgian logistic corridors. The asset sits within an established industrial estate that benefits from a multi-modal transport network which includes rail links, easy access to a well established road network and a barge terminal providing access to and from the Port of Rotterdam.
The transaction follows the recent acquisition of a 21,054 sq m logistics facility in Tilburg, (some 30 miles to the west of Oss) as part of the same investment strategy and takes Europa Capital’s core diversified income portfolio to four assets in France, Germany and the Netherlands. Assets acquired to date also include multi let office buildings in Paris and Munich, with further acquisitions being targeted. The office, logistics and residential sectors remain the main focus of the investment strategy, which has an initial investment target of €500 million and is targeted at institutional investors from Europe, Asia and the Americas.
James Farmer, Transaction Director at Europa Capital for Core Products, commented: “This investment offers an excellent income return, especially when considering the strength of the occupational market in the logistics sector in the Netherlands at present, which is underpinned by the rise of e-commerce and changing consumer habits. We continue to progress a pipeline of opportunities targeting further acquisitions in the office, logistics and residential sectors in our key country markets.”
Andy Watson, Partner at Europa Capital, commented: “This marks our fourth investment for our core diversified income strategy, as we continue to build on the momentum achieved at the end of 2018. The purchase of the XPO building in Oss reinforces our recent acquisition in Tilburg further growing our exposure to the Dutch logistics sector where we see strong relative value as well as future potential for long term growth.”
Europa Capital was advised by ARC Real Estate Partners and Lexence. The seller was advised by Van Doorne and Cushman & Wakefield.