Global real estate investment manager Hines has acquired another warehouse in Europe’s largest fresh food distribution hub.
The 20,000 square-meter retail warehouse is in Venlo, the Netherlands, on the border between the Netherlands and Germany. It is adjacent to the existing investment, Fresh Park Venlo.
The property is fully leased to a cash-and-carry wholesale operator with more than 180 outlets on-site. The site boasts an A+++ energy label. It incorporates sustainability features including a solar panel system and an innovative thermal energy storage system.
The purchase was made on behalf of the Hines Global Income Trust, Inc. (HGIT).
The Venlo logistics hub is responsible for 75% of the total container freight from the Netherlands to Germany with 21,000 trucks crossing the border every day and 11 million tons of rail freight crossing annually.
This acquisition further consolidates HGIT’s position in Venlo, where it owns and operates 298,000 square meters of prime logistics space.
Strengthening
Andy Smith, senior managing director and country head of Hines Netherlands, says, “We are delighted to have further strengthened Hines’ position in this key location in the Netherlands. By adding a retail warehouse to the investment, our portfolio is further diversified and a new B2B concept is added to the 65 tenancies already in business at the commercial park managed by our on-site property management team.
“We look forward to working with the tenant to find opportunities to enhance their experience in their long-term home. Hines Netherlands remains committed to investing in Venlo for the long term and looks forward to further developing the park with the municipality and other stakeholders.
Alex Knapp, Chief Investment Officer — Europe for both Hines and HGIT, says, “The acquisition demonstrates HGIT’s ability to unlock quality acquisition opportunities globally through Hines’ local market presence and we are pleased to further strengthen our Dutch logistics portfolio with this addition.”
Living and industrial sectors
HGIT’s $4.1 billion portfolio of commercial real estate investments is more than 64% weighted toward the living and industrial sectors. HGIT is diversified by geography and real estate sectors, with a focus on stable assets with strong long-term income potential.
Hines Netherlands owns or manages over 735,000 square meters of property with more than 690,000 square meters in logistics.
Hines’ advisors on the transaction included Uijthoven Vastgoedadvies, Simmons & Simmons, EY, Hollis and WSP.
