Augsburg-based Patrizia has paid around €73 million for a 52,572 sq m logistics asset in Tilburg in the Netherlands.
Investor-developer Dokvast sold the asset to Patrizia’s Logistik-Invest Europe III Fund and the deal brings Patrizia’s entire logistics portfolio to over €5 billion.
Tilburg is is close to the ports of Antwerp and Rotterdam, and has easy access to Germany and the rest of continental Europe. The facility is let entirely to Stichd, a wholly owned subsidiary of Puma, the sportswear manufacturer.
“The sustained and rapid growth in e-commerce, as well as urbanisation and the on-shoring of manufacturing across Europe, continues to drive the demand for prime logistics properties, especially in premium distribution hubs such as Tilburg,” Patrizia’s Alexander van Gastel said.
Patrizia said that the asset has also been designed to high ESG and sustainability standards.
Patrizia Logistik-Invest Europe III was launched in October 2020 and this is the third acquisition on its behalf. The fund has an equity target of €350 million and already has €100 million.
It employs a core /core plus strategy and is seeking light industrial and urban logistics properties across Europe, particularly the Netherlands, Germany, Belgium, France, Spain and Italy. Its focus is on pre-let new developments, sale-and-lease-back deals and existing property in locations with low risks to reletting.