Le mie ricette per la real estate communityMadison International Realty, a leading real estate private equity firm, announces that it has acquired a stake in a 30-asset European logistics and light industrial portfolio alongside local partner, Cairn Real Estate, investing through its specialist Dutch logistics vehicle, the Gateway Fund.
Madison has initially invested €22.5 million, which will increase to €50 million over the coming 18 months and give Madison a significant stake in the portfolio.
Approximately 90% of the portfolio by value is situated in The Netherlands, along major transit corridors and adjacent to key population centres. The remaining properties are located on similarly well-connected sites in Germany. The portfolio has a 99.3% occupancy rate with international tenants.
The modern logistics and light industrial portfolio has an average construction year of 2005, with 80% of the assets built-to-suit for single tenants with distinct specifications and fit out requirements. One example is a 31,000 sqm distribution centre in Zaltbommel, the Netherlands, which is occupied by Hitachi and also serves as the company’s EMEA headquarters. Built in 2013, the building is BREEAM ‘Very Good’ rated and at the time of construction had the largest solar panel installation on a roof in the Netherlands, as well as thermal storage, thermal active floors and charging stations for electric vehicles.
Rent collection rates across the portfolio have remained high throughout 2020 with over 98% of rent paid every month throughout the COVID-19 pandemic, while The Netherlands, in particular, has seen increased transaction volumes in the logistics sector alongside favourable yield movements.
Source : Company