Stibbe advised SEGRO on its significant expansion of its high-quality logistics real estate portfolio
Stibbe congratulates SEGRO on acquiring three fully leased, highly reversionary logistics warehouses in the Netherlands for a total cash consideration of €222 million.
Undertaken via three separate transactions, the assets are all in attractive locations that enhance SEGRO’s presence in a region serving as a key logistics hub for Continental Europe and the Dutch domestic market. The acquisitions add a total 172,300 square meter of space and align with SEGRO’s investment criteria regarding returns, location, and quality, including:
- a 98,000 sq m modern logistics estate in Eindhoven, which was acquired from Nuveen. Built in 2020, it is rated BREEAM In-Use ‘Good’ and consists of three units, currently fully leased to GXO and Rhenus;
- a 37,800 sq m newly-built logistics warehouse in Heerlen in the De Beitel industrial estate. Acquired from VolkerWessels & Vestum, it is rated BREEAM ‘Excellent’ and currently leased to B&R Premium Logistics B.V., a third-party logistics company specialising in the soft drinks industry; and
- a 36,500 sq m logistics warehouse in the Vossenberg industrial estate, Tilburg, acquired from abrdn. Built in 2018, it is rated BREEAM ‘Very Good’ and currently leased to Tesla, an existing customer of SEGRO in both the Netherlands and Germany.
Eelco Ouwerkerk, Head of the Netherlands at SEGRO, said: “These warehouses are in some of the most attractive and supply-constrained industrial and logistics markets in the Netherlands. The acquisitions are a very positive step forward in the delivery of our plan to build scale in this important region, adding three high-quality assets with reversionary potential and significantly increasing the size of our Dutch portfolio.”
Stibbe advised SEGRO on these three acquisitions, all completed in June 2024.
