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11/02/2020

LaSalle Encore+ acquires logistics from USAA Realco-Europe / Somerset Capital Partners

PRESS RELEASE – Munich/Amsterdam, February 11th, 2020

• LaSalle Investment Management acquires on behalf of its pan-European fund Encore+ a newly developed c. 61,000 sqm multi-tenant logistics asset in Bleiswijk, the Netherlands

• Attractive high-quality logistics asset in an established Randstad market with demand from (inter)national users

• Developed and sold by a joint venture of USAA Realco-Europe and national developer Somerset Capital Partners

LaSalle Investment Management (LaSalle), the global real estate investment manager, announced today the acquisition of the Urban Logistics Park Property B, being a c. 61,000 sqm multi-tenant distribution center in Bleiswijk, that is considered to be a logistics hotspot of the Netherlands. The recently completed distribution center was developed by the joint venture of USAA Realco-Europe and the Dutch developer Somerset Capital Partners. The asset is located on the former FloraHolland flower auction site which has been transformed into a logistics park where also the neighboring parcel is currently being developed for Zalando on a build-to-suit basis by the same joint venture.

David Ironside, Fund Manager of Encore+, LaSalle Investment Management, said: “Following the acquisition of numerous logistics assets in close proximity to some of Europe’s largest cities in 2019, this deal illustrates Encore+’s ongoing strategy of increasing exposure to strong logistics locations with limited supply. Across Europe we are seeing that the growth of e-commerce is driving demand for logistics and we expect this to continue, especially in The Netherlands where online sales account for only about 10% of total retail sales and are forecast to grow significantly in the next few years.”

Justin Hildebrandt, Managing Director at USAA Realco-Europe and Frans Landmeter, partner at Somerset Capital Partners, commented: “We are pleased to have LaSalle purchase our first Bleiswijk development, which is leased to leading (inter)national companies such as the logistics provider Gist and the supermarket company Detailresult Group (Dekamarkt, Dirk van den Broek). We are excited to continue to create a further world-class development on the neighboring parcel for the Zalando build-to-suit and realize the vision we saw in this location.”

The asset is a newly-built, high-quality distribution center, which benefits from a prime location in a dynamic logistics location area close to the A12 motorway that runs between The Hague and Utrecht. Approximatelly 11,500 sqm of the new logistics building is available to lease and is receiving strong interest. Regarding its sustainability, the new development is targeting a BREEAM ‘Very Good’ certification and the roof will soon have up to 45,000 sqm of photovoltaic solar panels that are expected to general several megawatts of electricity.

On this transaction, the advisers to LaSalle Investment Management were SOLID. Attorneys (legal), Drees & Sommer (technical) and Deloitte (tax & structure). The advisors to USAA Realco-Europe and Somerset Capital Partners were Loyens & Loeff (legal), CBRE and 3Stone Real Estate (agents).