LaSalle Buys Dutch Logistics Facility

On behalf of its pan-European fund Encore+, the company acquired a logistics facility roughly 9 miles from the Port of Rotterdam.
Bleiswijk Urban Logistics Center. Image courtesy of LaSalle Investment Management

Just 9 miles away from the busiest port in Europe, Lasalle Investment Management purchased the Bleiswijk Urban Logistics Center through its pan-European fund Encore+. The property was sold by ULP Bleiswijk B B.V., a joint venture between USAA Realco Europe B.V., an affiliate of USAA Real Estate Company, and Somerset Capital Partners B.V.

The logistics property offers 645,000 square feet of rentable space and is located near the Port of Rotterdam within the Randstad area, which serves as a logistics hub in the Netherlands. The property is currently home to tenants such as the Dutch supermarket group Detailresult Group and the global logistics firm Gist Nederland but can also be adapted to meet changing tenant demands, according to LaSalle.

SEE ALSO: Video: Why Invest in Europe?

David Ironside, the fund manager for Encore+, said in prepared remarks that e-commerce growth will continue driving demand for logistics centers. In the Netherlands, online sales account for 10 percent of retail sales but is expected to grow significantly in the next few years, Ironside added in a prepared statement.

LaSalle was advised by SOLID. Attorneys, Drees & Sommer and Deloitte, while the joint venture seller was represented by Loyens & Loeff, CBRE and 3Stone Real Estate.

Encore in Europe

David Ironside, Encore+’s fund manager, said in prepared remarks that the fund is targeting strong logistics locations with limited supply throughout Europe. Ironside also noted that the fund acquired numerous logistics properties near Europe’s largest cities in 2019.

Since its inception in 2006, Encore+ has acquired 34 properties as of November 2019. The fund includes a variety of property types such as a retail center in Strasbourg, France, a logistics location in Bergkirchen, Germany, and an office building also in the Randstad area. In January 2019, LaSalle purchased a two-building portfolio in Munich for $193.8 million through its Encore+ fund.  And in November 2018, the company also acquired an office building in Amsterdam for $63 million for Encore+.