German logistics specialist Garbe has acquired Green Square Logistics I, a warehouse in Aalsmeer near Amsterdam’s Schiphol Airport, for €40 mln via a forward-funding transaction.
Green Square, covering some 25,000 m2, is a high-end mixed-use development located close to the world's largest flower auctions, a key trade in the Netherlands. It is a five minute drive from the airport.
It was purchased on behalf of one of Garbe’s investment funds, Garbe Logistikimmobilien Fonds Plus II (GLIF+II). According to the firm, the development will be highly sustainable and should achieve a BREEAM Very Good certificate on completion in the fourth quarter of 2022.
Maurits Smit, managing director Garbe Industrial Real Estate Netherlands said: 'Amsterdam’s Schiphol Airport is one of the leading logistics locations in the Netherlands where demand for high-quality logistics warehouses is very strong.
'The building is emerging on one of the few greenfields in the wider region and will cater to companies active at the top end of the ornamental floriculture sector as well as manufacturing companies and traditional logistics.
'Further warehouse developments are planned on this exceptionally well-connected business park alongside a hotel, offices and leisure facilities.'
JLL and Bridgegap will commence shortly with leasing activities for the entire property.
Added Smit: 'The architectural design of Green Square Logistics I is very appealing and the property will meet all the main contemporary sustainability requirements.
'This distribution centre is a valuable addition to our existing and fast-growing logistics real estate portfolio in the Netherlands.'
The Aalsmeer transaction is the third transaction this year in the Netherlands for the GLIF+II investment vehicle, secured by Garbe’s Amsterdam-based industrial real estate team. It follows the most recent deal for a 71,000 m2 logistics property in Breda priced at €70 mln.
Garbe was advised by Lexence (legal), CVO (technical), EY (tax) and Bridgegap (commercial).