Savills IM acquires DSV distribution centre in Tholen, the Netherlands

12 November 2020

 
Savills Investment Management (Savills IM), the international real estate investment manager, has acquired on behalf of Vestas Investment Management (Vestas IM) and their Korean institutional investors – including one of the leading securities companies in Korea, Kiwoom Securities – a brand new logistics facility developed by and leased back to DSV, the leading Danish transport company.  

The Grade A logistics facility of c. 115,000 sq m is strategically located between the two largest ports in Europe: Rotterdam and Antwerp. The asset will be a multi-user warehouse for DSV and compliments its existing distribution network in the Netherlands.

This latest acquisition brings Vestas IM’s European logistics AuM to c. EUR 1.2 billion, of which c. EUR 600 million is in partnership with Savills IM.

Savills IM/Vestas IM were advised by Savills (technical and commercial), PricewaterhouseCoopers, NautaDutilh and Ashurst, with Helaba acting as sole lender and underwriter, being advised by DLA Piper.

DSV was represented by Dentons in the transaction.

Alistair Ennever, Director, Strategic Partnerships at 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 at Savills IM, 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, added:

“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.”

Martin Erbe, Head of Real Estate Finance International Clients Germany, CEE & Benelux at Helaba, added: 

“We are proud to assist our clients Savills IM and Vestas IM with this very interesting project. The transaction confirms our view that the Netherlands continues to enjoy an increase in international investor appetite. The transaction demonstrates our approach to follow our international clients further into their target markets.”

 

 

 

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