25 Jul 2019
AMSTERDAM, 25 JULY 2019
Frasers Property Europe today announced that it has completed the acquisition (the “Acquisition”) of two logistics facilities on the industrial park of Hazeldonk in Breda, the Netherlands (the “Facilities”). It plans to re-develop one of the two Facilities next year upon lease expiry. The Acquisition marks Frasers Property Europe’s first development project in the Netherlands, expanding its development activities outside of Germany. The Facilities were sold by an international logistics service provider located in Breda (the “Seller”).
The two Facilities comprise over 12,500 sqm of lettable area on circa 26,000 sqm of land and are currently fully leased: one Facility is acquired through a sale-and-leaseback and the other Facility is leased to a German retail company.
“The anticipated re-development represents our first development project in the Netherlands. The acquisition also demonstrates our continued commitment to expand Frasers Property’s European logistics and light industrial portfolio in the Netherlands,” said Niek van Genugten, Deputy Head of Acquisitions, Frasers Property Europe.
Frasers Property Europe was advised by Cushman & Wakefield (commercial) and Van Doorne (legal/tax). The Seller was advised by De Lobel & Partners.
Earlier this month, Frasers Property announced the formation of an integrated industrial and logistics platform, which will combine its industrial and logistics operations in Australia and Europe, and will include asset and property management in relation to the Frasers Property Group’s Singapore-listed Frasers Logistics & Industrial Trust. The integrated industrial and logistics platform will become a strategic business unit representing SGD $5.4 billion1 assets under management2 (AUM) with integrated development, asset management and third-party capital management capabilities across the Group’s core industrial and logistics markets in Australia and Europe. The integrated operating platform is expected to report as a discrete strategic business unit in FY2020.
1 As at 31 March 20192 Comprises the full asset value of property assets in which the Group has an interest, including assets held by its REITs, joint ventures and associates, and acquisitions pending completion