Hines European Core Fund (HECF) has acquired six fully occupied logistics assets in the Randstad area in Aalsmeer, Honselersdijk and Rijnsburg in The Netherlands, for an undisclosed price.
The assets, which total 92,000 sq m (circa 990,000 sq ft) sit on business parks majority-owned and managed by floricultural marketplace Royal FloraHolland (RFH). All of the assets are on long-term leases.
Andy Smith, managing director and country head – The Netherlands at Hines, which advised HECF on the acquisition, said: “The portfolio aggregation of these fully leased properties builds on our investment, development and management platform in Dutch logistics. The agricultural and floricultural logistics market is undergoing substantial consolidation, transformation and modernisation while remaining among the most resilient segments of a turbulent economy. We are proud to support our tenants in their continued success and we look forward to maintaining and improving the quality of these business critical assets through long term value creation via our property management initiatives.”
Simone Pozzato, managing director and HECF fund manager, added: “Our European core-fund, HECF, completed the first phase of its aggregation of six fully occupied last-mile logistics assets in the highly sought-after Randstad area in The Netherlands, via four off-market and one direct market acquisitions, achieving a considerable portfolio size, at an attractive entry yield.
“Our ability to source and aggregate opportunities off market through our strong local teams has enabled us to decisively spot value and quickly close in prime occupier locations. To add further value on behalf of our investors, we will also seek to provide property management services and implement strategic ESG improvements aiming to reduce carbon emissions and increase efficiency.”
HECF was advised on the transaction by Colliers, Dentons, Hollis, Howden and PwC. BNP Paribas, Cushman & Wakefield, Greenberg Traurig, Taylor Wessing and Uijthoven Vastgoedadvies advised the vendors.
