Geneba invests almost € 60 million in Dutch logistics asset

Geneba Properties N.V. ("Geneba") acquires a logistics property in ‘s-Heerenberg for nearly € 60 million. This acquisition marks the largest transaction of a logistics asset in the Netherlands this year in terms of investment volume and size of the property.

Geneba’s latest acquisition is located on the Dutch-German border, at a strategic location near the A12 highway to Germany and the Rhine Waal container terminal in Emmerich. The ‘s-Heerenberg property has 85,000 sq m lettable space and a total plot size of 158,000 sq m. It is leased to the Wim Bosman Groep, a subsidiary of Mainfreight Ltd, the well-established warehousing, distribution, and logistics company listed in New Zealand, on a long term.

Wulf Meinel, CEO Geneba: 'I am excited to announce our first acquisition in the Netherlands since we raised new capital with the Rights Issue. It is a proof to the continued implementation of our strategy and our focus on logistics and light industrial assets in our core markets, the Netherlands and Germany.'

Financing
The acquisition has been partly financed with the proceeds from the January 2015 Rights Issue. Mortgage financing has been provided by ING Bank. With this new loan, Geneba further broadened its funding base.

Geneba was represented by Loyens & Loeff (legal) and CBRE and Cyclus Property (advisory) during the acquisition process. The seller was represented by Boels Zanders (legal) and Raimond Weenink (advisory).