Acting on behalf of clients, Delin Capital Asset Management (DCAM) has acquired a high specification warehouse in Amsterdam via a sale and leaseback transaction with fashion brand G-Star Raw.
The 37,000 sq m (398,000 sq ft) facility was built by G-Star less than two years ago and is used as the company’s global e-commerce and fulfillment centre. It is let on a full repairing lease with an unexpired weighted average term of 11 years.
This transaction is the Jersey registered property investment adviser and asset manager’s second acquisition in Amsterdam, following the purchase of multi let logistics asset Casablancaweg 8 in December 2014.
The G-Star Raw transaction was financed with a new five-year loan from ING Real Estate Finance who also financed the purchase of Casablancaweg 8.
Commenting on the deal, Christian Jamison, Chief Executive Officer of DCAM, said: “This, our second sale and leaseback transaction, provides us with access to a high quality asset with a strong covenant.
“As retail patterns continue to shift towards the e-commerce market, we believe we are strategically positioned to benefit from this growth, having invested in core, well located assets.
“We look to continue to build relationships with strong tenants, such as G-Star Raw, and the structure of this agreement is one we would like to continue to replicate across the logistics market.
“Furthermore, as the fourth largest port in Europe, this transaction supports our strategy to grow the Fund through identifying key strategic hubs like the Port of Amsterdam, which will continue to attract tenants and investors.”
The latest transaction increases DCAM’s Netherlands portfolio to nearly 380,000 sq m (4 million sq ft) of prime modern logistics space, making the company one of the most active investors in the Benelux logistics market over the past few years. DCAM’s total European logistics portfolio comprises approximately 550,000 sq m (6 million sq ft) valued close to €0.5 bn
DCAM was advised by advised by JLL, CVO and CMS. G-Star was advised by DTZ and ING was advised by Nauta.
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