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Invesco Real Estate acquires development in Dutch logistics hotspot from Somerset Capital Partners

London, October 4th, 2019

• Invesco Real Estate acquires c.85,000 sqm logistics asset in Venlo, Netherlands

• Attractive opportunity in a local market with growing demand from logistics players for high-quality warehousing and distribution assets

• Building from developer Somerset Capital Partners due for completion in April 2020

Invesco Real Estate (Invesco), the global real estate investment manager, announced today the acquisition of VEN03, a c.85,000 sqm distribution centre in Venlo, considered the number-one logistics hotspot in the Netherlands. The forward-funding project is being developed in partnership with experienced developer Somerset Capital Partners with completion scheduled for Q2 2020. The site is fully let to two long-term lease tenants.

”We are very pleased to have secured this first-class asset in such a quality location,” said Fabian Manegold, Senior Director – Transactions for Germany, Austria and The Netherlands at Invesco. “With its strategic location along the border of Germany and on some important trading routes, this investment sits at the heart of Europe’s logistics infrastructure and represents a significant new investment for us in the Dutch market.”

Somerset Capital Partners has specialised itself in large sustainable logistic developments combined with quality and functionality. Frans Landmeter, Partner at Somerset Capital Partners further comments: “We are happy to have Invesco purchasing our Venlo development, which is leased to one of Europe’s leading online pharmacies, as well as a large global apparel company. And as our new developments come to market, we hope to continue doing transactions with this prime investor.”

The asset is a newly-built, high-quality distribution centre, which benefits from a prime location in grade-A logistics park Trade Port North, near the new rail terminal which is expected to be completed in 2020. Along with a barge terminal, this improves connections with the Port of Rotterdam, and with Asia through the Belt and Road Initiative. The new development is also expected to receive BREEAM ‘Very Good’ certification.

Jonathan Pierce, Senior Director – Fund Management at Invesco, adds: “The prime location, market fundamentals and best-in-class product being delivered by Somerset supported our initial strategy to take leasing risk here. The fact the asset has become fully let upon closing is testament to the initial conviction and an excellent result all-round. With VEN03 we add another high quality asset to our portfolio and we further grow the logistics share of our core pan-European strategy.”

On this transaction, the advisers to Invesco were CMS (legal), Drees & Sommers (technical), Deloitte (tax & structure) and JLL (commercial). The advisor to Somerset Capital Partners was Loyens & Loeff (legal).