Europa Capital, the pan-European real estate investment manager, has completed the acquisition of a portfolio of five logistics properties in the Netherlands from Altera Vastgoed. The acquisition is on behalf of its core diversified income strategy, which is seeded with capital from Europa Capital’s principal shareholder, Mitsubishi Estate.
The 78,100 sq m portfolio is 100% let and leased to six tenants at rents below the market tone. The five assets are located along the Netherlands’ key distribution corridor between the major port of Rotterdam and the German border at Venlo. The new assets complement the strategy’s three existing logistics properties in Tilburg, Oss and Eindhoven to create a platform totalling 160,000 sq m in the Netherlands and valued at over €120 million.
The core diversified income portfolio, with a value of over €265 million, includes fully let office assets in Paris and Munich and generates a total gross rent of almost €14.25 million. Further logistics and residential acquisitions will be the near-term focus of the investment strategy, which is aimed at attracting institutional investors from Europe, Asia and the Americas in order to grow the vehicle to over €2.0 billion in the coming years.
Andy Watson, Partner and Fund Manager at Europa Capital, commented: “This portfolio is in line with our focus on acquiring core properties in liquid western European markets. With the Dutch economy remaining in robust health and seeing rapid growth in both e-commerce and logistics demand, we see an opportunity to use our asset management expertise to grow this income over the short to medium term.”
James Farmer, Transactions Director at Europa Capital, commented: “12 months ago we set out to create a Dutch logistics platform of over €100 million for this vehicle. Having successfully aggregated assets for this platform, the strategy now owns properties in almost all the key logistics locations across the Netherlands.”
Europa Capital was advised by ARC Real Estate Partners. Cushman & Wakefield and JLL acted on behalf of the vendor.