Cromwell completes two Dutch logistics acquisitions on behalf of CEREIT

Real estate investor and fund manager, Cromwell Property Group (Cromwell), on behalf of Cromwell European REIT (CEREIT), recently completed the acquisition of two logistics assets in ‘s-Heerenberg and Tilburg, the Netherlands.

The first acquisition in ‘s-Heerenberg is a freehold logistics asset, strategically located at the Dutch-German border, beside the Netherlands’ A12 highway, one of the main logistics corridors into Germany.

The fully-let asset consists of approximately 15,000 sqm of primary warehouse and supporting office space, situated on 22,000 sqm of freehold land. The asset was originally built in 1993 and extended in 1999. Substantial renovations were undertaken in 2019, including the installation of heating and cooling functions, sustainable LED lighting, electric systems, a full office fit-out and automation.

The property is fully-leased to B.V., a leading online children’s apparel retailer recently acquired by Wehkamp, one of the largest e-commerce operators in the Netherlands.

The second acquisition is a freehold logistics asset, situated at the Katsbogten industrial park within the prime logistics region of Tilburg-Waalwijk. It is strategically located at the entrance of the A58 highway providing strong accessibility to the Rotterdam / Antwerp and Eindhoven economic zones.

The fully-let asset, built in two phases in 2012 and 2019, consists of approximately 8,600 sqm of primary warehouse and supporting office space, situated on approximately 14,000 sqm of freehold land. The property holds an A++++ energy label and was recently upgraded further with the installation of approximately 1,700 solar roof panels.

The property is fully occupied on a long-term basis by a well-established shoe and fashion manufacturer.

Gijs Vissers, Head of Investment Management, Benelux at Cromwell Property Group, said: “We are delighted to have secured these highly attractive assets on behalf of CEREIT, in addition to the 12 office and logistics / light industrial assets we currently manage across the Benelux region. The Netherlands logistics market remains as one of the most active and established markets in Europe driven by its role as the redistribution gateway from the Rotterdam and Amsterdam seaports.”

CEO of the Manager of CEREIT, Simon Garing said: “I am pleased to announce CEREIT’s first additions to its Dutch light industrial / logistics portfolio post-IPO as a result of the on-the-ground team’s excellent work in sourcing these opportunities. CEREIT continues to add scale to its logistics portfolio in the Netherlands, which is a core market for Western Europe supply chains, given its strategic connectivity between its large ports and distribution network.”

Cromwell was supported across both transactions by legal advisor, Loyens & Loeff, financial / tax advisor, PwC and technical advisor, SGS. BNP Paribas Real Estate acted as the commercial advisor for the s’Heerenberg acquisition and 1530 Real Estate acted as the commercial advisor for the second acquisition in Tilburg.

The seller of the Tilburg asset was supported by commercial advisor, Raimond Weenink Bedrijfsmakelaardij and legal advisor, Boels Zanders Advocaten.