Clarion Partners Europe (“Clarion"), the real estate investment fund manager, has acquired, on behalf of one of its comingled funds, a Grade-A warehouse in Rotterdam, in the Netherlands, for €43 million.
Located in the business park De Dijk in Maassluis, adjacent to the Rotterdam port and a 20-minute drive west of Rotterdam city centre, the 22,524 sqm logistics facility was recently completed in 2021. The freehold property is fully let on a long-term lease.
Maassluis is an attractive logistics location benefitting from its proximity to Rotterdam centre and The Hague, both accessible directly via the nearby A20 motorway. Furthermore, a new tunnel, due to open in 2024, will further connect the property with Europe's largest port, the Port of Rotterdam, in just 10 minutes.
The Netherlands is a key market for Clarion Partners Europe, having recently agreed to forward purchase a new warehouse development in Zaandam from the Dutch subsidiary of leading German 3PL provider Fiege.
Rory Buck, Managing Director at Clarion Partners Europe, commented: “This is a land-constrained logistics location in close proximity to Europe's largest port, likely to benefit from significant future rental growth. At the same time, the attractive day one income profile and criticality of the property for the occupier is strongly aligned with our wider strategy. The investment case for logistics in the Netherlands remains highly compelling, underpinned by improving global trade, Brexit and rapid e-commerce acceleration."
Clarion was advised by Savills on commercial, Houthoff on legal and CBRE on technical.