SEGRO has acquired three logistics warehouses in the Netherlands totalling 172,300 sq m for €222m in three separate transactions.
The company has bought a 98,000 sq m modern logistics estate in Eindhoven from Nuveen, which is currently fully let to GXO and Rhenus; a 37,800 sq m newly-built logistics warehouse in Heerlen from VolkerWessels & Vestum let to B&R Premium Logistics; and a 36,500 sq m logistics warehouse in the Vossenberg industrial estate (pictured), Tilburg, from abrdn, which is let to Tesla.
The assets currently generate approximately €10m of headline rent and offer a significant amount of reversionary potential – the majority of which is expected to be realised over the next four years – as well as the potential to increase rental values through sustainability improvements at the Tilburg and Eindhoven assets.
The blended topped-up net initial yield of these assets on acquisition is 4.6% and the equivalent yield is 5.8%.
Eelco Ouwerkerk, head of the Netherlands at SEGRO, said: “These warehouses are in some of the most attractive and supply-constrained industrial and logistics markets in the Netherlands. The acquisitions are a very positive step forward in the delivery of our plan to build scale in this important region, adding three high quality assets with reversionary potential and significantly increasing the size of our Dutch portfolio.”
Marco Simonetti, managing director of continental Europe at SEGRO, added: “We have been able to leverage our market-leading operating platform and strong local networks to create these opportunities and profitably deploy some of the capital raised in our recent equity placing, at a time when investment markets show signs of stabilisation and the supply of new sustainable warehousing remains constrained.”
