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TH Real Estate acquires Westfields Logistics in Oirschot
TH Real Estate, on behalf of its European Cities platform has purchased a logistics development in Oirschot, in the Netherlands, from a joint venture between SDK Vastgoed (VolkerWessels) and MG Real Estate.
Constructions has now begun on the new distribution center, which totals 98,000 sq m (1 million sq ft). Located in one of the most important hubs for e-commerce activities in the Netherlands and Western Europe, the area is known as the logistics hotspot of Eindhoven. It had good multimodal connections, which ensures efficient and optimal accessibility. Catering to e-commerce tenants requires special designs within logistics buildings, Westfield has been designed with this in mind. This sale demonstrates the demand for logistics space in this area of the Netherlands from both local tenants and investors as well as international investors.
MG Real Estate is a European developer focusing on logistics, offices and retail. Both SDK Vastgoed and MG Real Estate worked closely with VolkerWessels Logistics Development on the development of the area.
Thorsten Kiel, Head of European Industial and Logistics at TH Real Estate, comments: "We are very happy to have worked with the joint venture on the successful completion of Westfield Logistics Development. The European logistics market remains very attractive and the location of this asset makes it particularly appealing. We have now grown our logistics platform in the Netherlands to over €300 million 2018, with further investments planned for in 2019."
Anton van Vlerken, CCO the Netherlands & Nordics at MG Real Estate, comments: "We are very pleased with the close partnership with TH Real Estate and look forward to working together to ensure the successful completion of Westfield Logistics Development BV.
Dennis van de Ven, director SDK Vastgoed, adds: "The creation of this logistics hub is an excellent example of cooperation within the local Brainport region. "Together with the Municipality of Oirschot we saw the potential of this site tot provide a high spec logistics facility, the successful sale to TH Real Estate confirms we have accomplished what we set out to do."
Construction is being undertaken by Systabo (VolkerWessels) and will consist of three warehouses - in two phases. The construction of Phase 1 will start in December 2018, comprises 60,789 sq m and will be available by October 2019. Phase 2 starts in March 2019, has a surface of 37,329 sq m and will be available by February 2020.
The European Cities platform is part of TH Real Estate’s resilient global cities series, which applies strategies designed to focus on diversification, income and long-term capital growth. These strategies focus on investing in high-quality assets in leading cities that are well-positioned in terms of long-term structural trends, including demographic change, urbanisation and technology.
Westfield Logistics Development is the 11th acquisition for the platform, and the second logistics asset in the Netherlands, following the acquisition of a distribution centre located in Venlo.
Westfields Logistics Development received legal advice from 3Stone Real Estate and Habraken Rutten lawyers, whereas TH Real Estate was advised by Van Gool Elburg, Loyens & Loeff, Cording Real Estate Group, Arcadis, LCEE and A&O.
TH Real Estate is a real estate investment management holding company owned by Teachers Insurance and Annuity Association of America (TIAA). TH Real Estate securities products distributed in North America are advised by UK regulated subsidiaries or Nuveen Alternatives Advisors, LLC, a registered investment advisor and wholly owned subsidiary of TIAA, and distributed by Nuveen Securities, LLC, member FINRA. Issued by Nuveen Real Estate Management Limited, 201 Bishopsgate, EC2M 3BN. Authorised and regulated by the Financial Conduct Authority. TH Real Estate is a name under which Nuveen Real Estate Management Limited provides investment products and services. Please note real estate investments are subject to various risks, including fluctuations in property values, higher expenses or lower income than expected, and potential environmental problems and liability. This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor's objectives and circumstances and in consultation with his or her advisors.