30 July 2020
Union Investment acquires planned logistics property in Rotterdam area
Union Investment has acquired a planned logistics centre in Ridderkerk, south-east of Rotterdam. The new build with its 33,500 sq m of rental space is completed this month. The seller of the logistics property is the Somerset Capital Partners, an experienced Dutch developer. The purchase price was not disclosed. Union Investment will hold the new acquisition in the portfolio of its institutional open-ended real estate fund UniInstitutional European Real Estate.
Stephan Riechers, Senior Investment Manager Logistics at Union Investment
The new logistics facility is being built at Dutch Fresh Port, a location with a clear focus on the agricultural and food industry, including fresh produce logistics. In addition to around 31,000 sq m of logistics space, the property will feature more than 2,500 sq m for offices, changing rooms and a canteen. Somerset Capital Partners is developing the logistics centre to meet high standards of sustainability. BREEAM Excellent certification will be sought for the property.
This deal is Union Investment’s second logistics acquisition in the Netherlands, following the recent purchase of the Dimensio Almere logistics project for UniImmo: Europa. The Hamburg-based real estate investment manager’s current logistics portfolio comprises 53 properties worth a total of around EUR 2.3 billion. While the focus is on the German market, further logistics acquisitions in the Netherlands and other European countries are planned. Overall, the Dutch property market is highly important to Union Investment.
The portfolio in the Netherlands currently comprises 18 commercial properties across the office, retail, hotel and logistics segments. The value of these properties in Amsterdam, Eindhoven, Rotterdam and Enschede totals more than EUR 1.4 Billion.