The project comprises a total of approximately 115,000 sq m and was sold by DSV through a sale-and-leaseback construction. The high-quality distribution center is strategically located between the two largest ports in Europe; Rotterdam and Antwerp.

Alistair Ennever, Director, Strategic Partnerships, Savills IM, commented: “We are delighted to have acquired this high quality and strategic asset on behalf of Vestas IM and their investors. This asset further strengthens our partnership with Vestas and demonstrates our combined ability to source and execute transactions despite a challenging economic backdrop as well as ongoing travel restrictions.

We have concluded multiple transactions with DSV, and this latest acquisition represents our continued belief in their business as well as the logistics sector in general. Pricing and investor demand for the logistics sector continues to gather momentum, and we look forwards to announcing further acquisitions in the sector in the coming months.”

Marcel Fleminks, Co-Head of the Netherlands, Savills Investment Management, commented: “This acquisition represents another important step in growing our logistics AuM in the Netherlands, which currently stands at c. EUR 760 million. We continue to be an active player in the market, with further transactions in the pipeline on behalf of both our European Logistics Fund 3 and Strategic Partnership clients.”

Niek Poppelaars, Co-Head Logistics & Industrial at Savills in the Netherlands, adds: “Even more capital is being invested in the Dutch logistics market than before the pandemic, with the focus strongly on ‘core’ product. This build-to-suit development for one of the largest 3PL parties in the world offers the certainty that investors are eagerly looking for in today's market. We are therefore very pleased that we were able to advise our client on this acquisition.”

Buyer Savills IM was advised by Savills (technical and commercial), NautaDutilh and Ashurst (legal) and PWC (tax). DSV was advised by Dentons (legal).