BlackRock and VolkerWessels Logistics Development (VWLD) are pleased to announce they have reached agreement on the sale of a distribution centre in Cuijk (Southeast region of the Netherlands). BlackRock acquired the project for its BlackRock Eurozone Core Property Fund.
The acquisition concerns a 56,000 sqm distribution centre located in Business Park Laarakker and immediately adjacent to the 2019 built plant of Danone. Danone signed a ten-year lease contract for the distribution centre.
Construction started in November 2020 and completion is scheduled for the fourth quarter of 2021. The project will have the BREEAM Very Good sustainability rating. In addition, it will be an all-electric distribution centre, helping Danone to reach a carbon neutral operation at this location in the coming years. The centre is expected to create approximately one hundred jobs in the Cuijk region.
Erjan Sprakel, managing director of VolkerWessels Logistics Development said: “We are very pleased that we have found a strong reliable investor for this unique development that enables our tenant Danone to optimize their logistics operation. We, together with our contractor Systabo, are very much looking forward to realizing this project together with Danone and BlackRock.”
Ian Williamson, fund manager of the BlackRock Eurozone Core Property Fund said: “We are delighted to partner with VolkerWessels and Danone on such a high-quality property in a great location. This is the first of three off-market acquisitions which we will complete for the Fund shortly, and demonstrates our core investment strategy, which focuses on income, resilience and sustainability.”
Bjoern Rasche, Head of Real Estate Acquisitions – Netherlands for BlackRock said: “The acquisition in Cuijk is a continuation of our investment strategy for the Netherlands and a good addition to our existing office exposure. We are glad to have been able to make this first step into Dutch logistics with such a reputable and experienced partner. Sustainable assets let to tenants with a defensive risk profile will be the key driver for our investment strategy.”
BlackRock was advised by Clifford Chance, CVO Group and Cushman & Wakefield. VolkerWessels Logistics Development by Sight Law and Van Gool Elburg Vastgoedspecialisten.
Buyer and seller have agreed not to disclose financial details of the transaction.