Cording advises TH Real Estate on acquisition of logistics property in Rotterdam for European Logistics Fund
Cording Real Estate Group (Cording) has advised TH Real Estate on the acquisition of a modern logistics property in Rotterdam, in the Netherlands, for the European Logistics Fund (ELOF). This is the Fund's second logistics acquisition in the Netherlands.
Cording, the Northern European real estate investment firm, will also be responsible for the asset management.
The vendor, which is also the occupier of the property in Sonstraat/Dardanellenstraat on Maasvlakte II, is selling the property in a sale and long-term leaseback transaction.
The property comprises two buildings, dating from 2008 and 2016. It has a total lettable area of 39,500 square metres, most of which is laid out for the storage of hazardous goods.
The property, which was constructed to comply with the latest requirements, is ground-breaking for the industry in this respect. It is suitable for all ADR (hazardous goods) classes.
Bram Dekkers, Associate Director Investment Logistics Benelux at Cording, explains: "We are very pleased with the purchase of the second logistics property for the ELOF in the Netherlands. The purchase of this high-quality logistics property demonstrates how successfully our Amsterdam-based acquisition team can operate in a highly competitive market. We intend to acquire further logistics properties for our clients during 2018."
James Ellis, Investment Manager at TH Real Estate: "This key acquisition in Europe's largest port is well aligned to the fund strategy as we continue to strengthen our investment exposure across established logistics regions with sustainable demand drivers. With tight zoning regulations for ADR storage, there is a strong demand from a diverse global customer base, making the tenant a very attractive 3PL provider. This further underpins our strategy of seeking long-term stable income security."
Malcolm Hollis acted as technical advisor and Houthoff as legal advisor to the purchaser. Agency firm Cushman & Wakefield acted for the vendor.
ELOF is an open-end special AIF, investing in core European logistics properties with a primary focus on the Netherlands, France, Italy and Spain. The Fund is also open to investments in Belgium, Germany, Portugal, Denmark, Norway, Sweden, Finland, Austria and the Czech Republic.