As part of the strategic expansion of its logistics portfolio in the Netherlands, Intervest Offices & Warehouses has acquired a portfolio of three existing buildings and an option on a land position in Venlo. This land position can be used to develop a logistics site in the future.

The transaction was concluded as a sale-and-lease-back transaction with Welsi, which will keep renting part of the existing buildings for a period of five years. The three buildings were purchased for an investment amount of € 12,9 million, generating a gross initial yield of 6,2%.

The total surface area of the existing buildings is approximately 9,800 sq m of warehouse space and 1,970 sq m of office space. The buildings are now in use by several tenants active in the logistics sector. The property currently has an occupancy rate of 100%.

The site has trimodal access due to its location almost right next to the ECT rail terminal and at a short distance from the barge terminal, which is a unique asset compared to competing locations. In addition, the two largest buildings are fi tted with a photovoltaic system, with the result that this transaction further improves the sustainability of Intervest’s real estate portfolio. Given the limited availability of less large-scale surface areas in the Venlo region and the prime location of the site, the rental potential of the land position is assessed positively. As a result, the land position off ers a strong potential for the additional development of a logistics building of approximately 10,000 sq m in the short to medium term. In this way, Intervest is acquiring a strategic land position with the potential to create value for Intervest.

DLA Piper acted as Intervest’s legal adviser for this transaction. Savills provided commercial advice.