(TIEL, THE NETHERLANDS) – Hines, the international real estate firm, has acquired a 40,000-square-meter logistics distribution center and the adjacent 4,000-square-meter retail premises in Tiel, The Netherlands, on behalf of the Hines European Value Fund 2 (HEVF 2), marking the Fund’s first investment in The Netherlands.
The logistics distribution center is occupied by a Dutch DIY brand which acts as the company’s logistics hub for The Netherlands. The retail unit is leased to a Dutch homeware chain and has recently been refurbished, demonstrating the tenant’s long-term commitment to this location.
The assets are located in Tiel, an established logistic hub in the Noord-Brabant logistics corridor, with excellent highway connectivity to the ports of Rotterdam and Antwerp via the A2 and A15 motorways and adjacent to the Waal river.
HEVF 2 remains interested in gaining exposure to the Dutch logistics market because of its strong market dynamics, and this acquisition represents an excellent opportunity due to the flexibility the asset offers and the potential to deploy Hines’ expertise to further add value.
The HEVF series invests across the major real estate sectors. HEVF 1 focused on core-plus and value add office investments and HEVF 2 is most active in the logistics and living sectors. HEVF 2 will continue to pursue high-quality core-plus and value-add assets in The Netherlands.
Paul White, Senior Managing Director and HEVF 2 Fund Manager at Hines, said:
“HEVF 2 continues to see opportunity and value in the logistics sector, so we are pleased to have acquired our first logistics asset in The Netherlands. Its location is important, as we foresee strong long-term growth prospects for logistic assets in the area which is well-positioned to serve The Netherlands.”
Andy Smith, Senior Managing Director and Country Head for The Netherlands at Hines, said: “We continue to grow our portfolio of high-quality assets, development projects and tenants across The Netherlands particularly in the logistics, living and mixed-use sectors. This acquisition is consistent with our established value-oriented approach. It is a high-quality location with highly functional buildings that we can improve over time so that it continues to serve the tenant well into the future. We look forward to maintaining these positive relationships and we thank the previous owners for their stewardship thus far.”
HEVF 2’s capital raising is concluding with a successful speed of deployment. In parallel, with this investment, the Fund will be almost 60% allocated to 8 investments across Italy, Germany, UK, The Netherlands and Spain with several other investments also in exclusivity.
Hines’ advisors on the transaction included: Dentons Europe, PWC, Hollis, WSP and AeQO, and on the seller’s side: Taylor Wessing, SGS Search and JLL.