Cording acquires a 25,500 sq m portfolio for its Cording Euro Industrial Real Estate Fund
Amsterdam, 1 July 2019 – Cording Real Estate Group, a member of the Edmond de Rothschild Real Estate Investment Management Platform, has acquired a 25,500 sq m portfolio, comprising four light industrial assets and a small logistics property, in the Netherlands for the Cording Euro Industrial Real Estate Fund.
The four light industrial properties have a total lettable area of around 19,000 sq m and are located near major gateways and transport axes in the Netherlands (Boxtel, Heteren, Deventer, Alphen a/d Rijn). The small logistics asset is located in Zwolle, close to the A28 motorway and comprises around 6,500 sqm. The portfolio is fully let to multiple strong tenants.
René de Heus, Head of Investment Benelux at Cording, commented: “The acquisition of these assets is a perfect addition to the fund’s existing portfolio. Due to their high quality, combined with their long lease terms and stable secured cash flows, they form a perfect building block to the fund’s initial portfolio strategy. We aim to acquire further industrial properties for the fund”.
Cording was advised by Van Doorne on legal and tax issues, by SGS Search on technical matters and by Colliers on commercial matters.
The fund has a core plus risk profile and is aimed at institutional investors. The open-ended fund has been launched with equity commitments from Edmond de Rothschild and from a mandate managed by the multi-manager real estate team of Credit Suisse Asset Management, which was actively involved in the structuring of the fund, optimising it for institutional investors. It aims to deliver to its investors an average net income return of more than 6% per annum over a 10-year period.
The open-ended fund is domiciled in Luxembourg in the form of a FCP-RAIF. Pancura S.A. is the Alternative Investment Fund Manager and Aztec Group is the Central Administrator.