13 April 2021
Union Investment has acquired a forward funding logistics development in Venlo, the Netherlands
Venlo is one of the most important logistics locations in Europe
Union Investment has acquired the “Greenfield” logistics project in Venlo, the Netherlands. It's located in the “Greenport” business park. The development of a logistics property with a total rental area of 61,750 m² will be built by the end of the third quarter of 2022. Sustainability certification according to BREEAM "Good" is planned. The seller Hessing B.V., a leading specialist in the market for sliced fruit, vegetables and ready meals, is also the future tenant of the property with a 20-year lease.
“Due to its location and connectivity, Venlo is one of the most important logistics locations in Europe. The logistics center is located between the ports of Rotterdam and Antwerp as well as the European hinterland and is a trimodal location that is not only well connected to the motorway network, but also benefits from an inland shipping terminal and a newly built freight yard.”
Stephan Riechers, Head of Investment Management Logistics & Light Industrial at Union Investment.
The purchase is for a special logistics fund that Union Investment set up together with GARBE Industrial Real Estate last year. The parties have agreed not to disclose the purchase price of the property. Union Investment was represented by 3Stone Real Estate, Dentons, Drees & Sommer and PwC. Hessing was represented by CMS and TLF Real Estate.
Union Investment's logistics portfolio is expected to increase to a volume of over 5 billion euros in the medium term. It currently comprises 59 properties with a volume of around 2.6 billion euros. "A total of twelve European country markets are on our buying radar, including the Netherlands, Germany, France, Scandinavia and Poland," said Riechers.
For Union Investment Institutional Property GmbH