Union Investment snaps up Dutch shed for €85m

German fund manager Union Investment Real Estate has acquired a logistics asset in Venray, the Netherlands, from Rotterdam-based real estate investor and developer DHG for €85 mln.

Dubbed Smartlog Venray, the asset is situated at Maasheseweg 70–82 in Venray in North Limburg, and was sold in a share deal.

DHG developed the property in 2018 after acquiring the vacant former Inalfa factory, which had produced sunroofs for cars. The factory was dismantled by DHG and the building was subsequently demolished. After that, a very extensive soil remediation was started.

On the vacant plot of more than 8 hectares on the Smakterheide business park, DHG speculatively developed Smartlog Venray, a distribution centre comprising three units, originally totalling more than 53,000 m2.

After realising Smartlog Venray, DHG concluded a long-term lease agreement with JD.com for DC3, while DC1 and DC2 were leased to Clipper Logistics for its e-commerce activities.

Subsequently, additional 3-layer mezzanine floors of a total of 37,500 m2 were installed in DC1 and DC2 for Clipper Logistics, increasing the total floor space of Smartlog Venray to 91,299 m2.

For Union Investment, an active investor in logistics property, the deal follows the recent acqusition of a planned logistics property in Veghel in the Netherlands via a forward funding deal for its joint venture with Garbe Industrial Real Estate.

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