Gramercy Acquires 60,500 sqm Utrecht Logistics Asset
23rd January 2017
![Logistics BusinessGramercy Acquires 60,500 sqm Utrecht Logistics Asset](https://www.logisticsbusiness.com/wp-content/uploads/2017/01/Utrecht-warehouse-1024x767.jpg)
Gramercy, the real estate investment fund focused on pan-European sale-leaseback and single-tenant transactions, has acquired a 60,500 sqm institutional quality logistics warehouse in Utrecht, the Netherlands. The transaction matches the Fund’s stated strategy of owning single-tenant let properties, in strong locations, that generate stable, long-term income for its investors. Gramercy Property was advised by Gramercy Europe Limited, a specialist real estate investment fund manager.
The property is fully let to Kuehne + Nagel Logistics B.V., with a guarantee from Kuehne + Nagel N.V. The tenant has demonstrated its commitment to the asset by making significant investments into the building’s automated euro-pallet racking and picking technology and is currently consolidating its in-country corporate functions into the building.
Centrally located in the Netherlands, Utrecht benefits from an excellent transport infrastructure; the A2 motorway that connects with Amsterdam is less than 500 metres from the property. With around 80% of the Dutch population resident within 100km, occupier demand in the area is strong, and a number of other leading 3PL providers are located on the same Lage Weide logistics park.
Alistair Calvert, CEO of Gramercy Europe Limited, commented: “The Utrecht region is one of the Netherlands’ key logistics hubs and this acquisition complements our current portfolio. We are very pleased to add Kuehne + Nagel to our tenant roster, which includes most of Europe’s largest 3PLs. The mature, liquid markets of Western Europe continue to offer attractive returns for our investors and most notably a yield that is unattainable across most other asset classes.”