Global real estate investment management company Neo Capital has bought Wasco Warehouse in the Netherlands for €45.55 million.
The purchase of the Class-A warehouse in Deventer is Neo Capital’s third investment in the Netherlands following two office towers, Weena in Rotterdam and THE SHARE in Hoofddorp, near Amsterdam.
Neo Capital secured Wasco Warehouse due to its first-hand knowledge and experience in the Dutch market. Financing came from Deutsche Bank.
Wasco Warehouse has excellent ESG credentials
Constructed in 2023, the Class-A warehouse has excellent ESG credentials. It is equipped with 14 electric vehicle charging stations and boasts a BREEAM “Excellent” certification, achieved following the installation of solar panels.
The property is leased to Wasco Netherlands for a 10-year term. Established over 50 years ago, Wasco is a prominent wholesale distributor of Heating, Ventilation and Air Conditioning systems.
Wasco Warehouse has a net floor area of 36,797 square metres, which consists of warehouse, office and also mezzanine space. It is close to the A1 and A50 highways, as well as Deventer Railway Station.
Long-term market confidence
Babak Sultani, Chief Executive Officer of Neo Capital says, “We are excited to have acquired our third asset in the Netherlands with the purchase of the Wasco Warehouse, showcasing our confidence in the long-term potential of the Dutch real estate market.
“We see lucrative investment opportunities in the industrial and logistics sector, due to strong market fundamentals, including ongoing tenant demand and challenges that have been hindering new developments.
“The timing of the acquisition was critical as we feel interest rates have plateaued, resulting in price correction which we believe has now stabilized. This acquisition reflects on our real estate strategy focusing on investments that generate stable cash flows and that are located in strategic industrial and logistics hubs across Europe.”
Neo Capital, which was founded in 2015, has transacted approximately US $1 billion to date. It recently acquired Liverpool’s Royal Albert Docks, in the UK.
