Arrow Capital Partners, the investor and operator of real estate in Europe and Asia-Pacific, has acquired a multi-tenant logistics property in Echt, the Netherlands, for its €3 bn Strategic Industrial Real Estate (SIRE) platform backed by Cerberus.
Financial details were not disclosed.
The asset is a logistics property comprising 22,500 m2 of space located in the Midden Limburg business park at Voltaweg 1, Galvaniweg in Echt.
The property was built in 1981, subsequently extended and refurbished in 2002. The building is fully let, and its largest occupier is logistics company De Zwaluw Logistiek.
Martien van Deursen, head of Benelux for Arrow, said: 'This latest investment brings the number of SIRE assets in the Netherlands to 46 and continues our investment in light industrial and logistics assets which are benefiting from scarcity of supply and growing demand.
'We are accelerating our deployment of capital in the Benelux as a whole, with a pipeline of opportunities in place. In the Netherlands alone, our portfolio and pipeline now comprise more than €300m in assets and, over the next three years, we intend to invest a further €300m in the Benelux region, including in assets with income, vacancy or refurbishment potential.'
The vendor was commercially advised by JLL. The purchaser was legally advised by Dentons, technically by Savills and commercially by 1530 Real Estate.
