P3 Logistic Parks has acquired a big box development in Emmen in the northeastern Netherlands from developer Solidiam in partnership with 3B Group.
The asset is expected to be delivered by the second quarter of 2024 and will consist of a gross leasable area of 66,160 m², including a 58,013 m² warehouse, 3,441 m² office space and a 4,706 m² mezzanine section. Financial details were not disclosed.
P3 said the big box warehouse is located in an upcoming logistics area near the A37 and N34 highways with close proximity to Germany. It will be suited for a wide variety of industrial uses and features a 5,000 kg floor load with 6,000 kg point load, 12.2 m clear height and 58 dock doors for large-scale distribution.
The development is targeting BREEAM Excellent certification.
Léon Vié, managing director of the Netherlands and Belgium at P3 Logistic Parks, commented: ‘We are proud to have realized another forward funding transaction in the country, following our successful acquisition of P3 Amstelveen at the beginning of 2023. This is in line with our growth strategy for the Netherlands, and we are excited to add this high-end warehouse in an upcoming logistics location to our portfolio.’
Ronald Egger, managing partner at Solidiam, said: ‘This is one of the bigger developments currently realized in the Dutch market. The construction started in September and there is already interest from various users. The transaction with P3 indicates continued investor interest in the logistics market. In addition, this development highlights that cooperation with the municipality, the neighbours and other stakeholders is of great importance in the current development market circumstances.’
P3 was advised on the deal by Uijthoven Vastgoedadvies, while Dentons provided legal and tax counsel. Rechtstaete provided legal and tax counsel for Solidiam and 3B Group. Goldbeck has beenappointed as general contractor for P3 Emmen.
Including this newly acquired site, P3 currently owns and manages 11 logistics sites across the Benelux, leased to clients such as Lidl, Fresh Solutions Netherlands, Jumbo, Karl Rapp and Cargotech.