Eurindustrial sells logistics portfolio
Eurindustrial sells 13 Dutch properties to IDI Gazeley
Eurindustrial NV has announced the completion of the sale of its portfolio to IDI Gazeley. The portfolio, called Parcival, comprises a total lettable floor area of approximately 191,000 sq m spread over 13 properties at leading logistics locations such as Venlo, Venray and Moerdijk. The average weighted duration of the leases amounts to approximately five years.
Eurindustrial, established in 1999, was the first Dutch independent property fund with a specific focus on logistics properties. Since the establishment, the shares have been held by a number of renowned pension funds. IDI Gazeley is part of Brookfield Property Partners and holds a worldwide logistics portfolio of approximately 23 million sq m.
Jan Brouns, Managing Director of Eurindustrial: “The market momentum combined with the commercial state of the portfolio made it the perfect time to proceed with the sale for our shareholders. We are very pleased with the results and the selected process.”
Michiel Assink, Senior Director Industrial & Logistics at CBRE: “This transaction once again confirms the confidence that investors have in Dutch industrial and logistics properties. Logistics properties have developed in a short time from a niche to a core investment product. We therefore expect that interest in this segment will continue to increase.”
CBRE supervised the entire commercial process, Houthoff Buruma acted as legal advisor, Deloitte provided tax advice and CVO Group was responsible for the technical advice on behalf of Eurindustrial.
IDI Gazeley was legally advised by DLA Piper, EY acted as tax advisor and ChandlerKBS and Tauw were responsible for the environmental and technical advice. DTZ provided the commercial underwriting.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers from more than 450 offices (excluding affiliates) worldwide. CBRE offers strategic advice and guidance in property sales and leasing; corporate services; property, facilities and project management; appraisal and valuation; development services; investment management; and research and consulting. Please visit our websites at www.cbre.nl and www.cbre.com.