Cording acquiert trois actifs pour son Cording Euro Industrial Real Estate Fund
Amsterdam, January 2019 – Cording Real Estate Group, a member of the Edmond de Rothschild Real Estate Investment Management Platform, has acquired a portfolio comprising two light industrial assets and a small logistics property for the Cording Euro Industrial Real Estate Fund.
The properties have a total lettable area of around 10,500 sq m and are located near major gateways and transport axes in the Netherlands. The small logistics asset is located in Utrecht, alongside the A2 motorway. The light-industrial assets are located in Zwolle and Cuijk. The portfolio is fully let to three 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, this acquisition is in line with the fund’s initial portfolio strategy. We aim to acquire further industrial and logistics properties for the fund”.
Cording was advised by Van Doorne, SGS Search and Colliers International.
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.