Acquisition of logistics asset in Ede, Netherlands for €26.5 million

The Company is pleased to announce that it has signed an agreement to acquire a freehold logistics warehouse in Ede in the Netherlands for a net value of €26.5 million from David Hart Group. A fully CPI-indexed lease has been signed with Dutch retail and pharmacy operator Kruidvat (part of the A S Watson Group) which commenced on 1 August 2018 for a period of 10 years (with no break option). A large part of the warehouse will be used to expand the company’s growing e-commerce business. The estimated gross yield on the property is 6.3%.

The property is located on the Heestereng Business Park, a large mixed use site encompassing logistics, wholesale and production companies. Examples of Third Party Logistics or 3PL operators located there are DB Schenker, Van de Hoef Logistiek and Alon Logistiek.

The property itself, which has recently undergone improvement works, has a total area of 39,840 square metres comprising warehouse and mezzanine space and an office building with 90 dedicated parking spaces. Specifications are very modern with eaves height of 12.2 meters, 18 docks and 5 ground level doors. The warehouse separately has 200 parking places on site together with extensive trailer parking.