Deka Immobilien GmbH has exchanged contracts to secure the purchase of a development project in Amsterdam. The distribution centre is being developed in a joint venture by Proptimize and Built to Build. After completion, it will be added to the portfolio of the WestInvest TargetSelect Logistics sector fund, which is aimed at institutional investors. The parties agreed not to disclose the purchase price.
“AMS Cargo Centre II” is located directly across from “AMS Cargo Centre I”, which Deka Immobilien GmbH also acquired as a development project in 2017. “AMS Cargo Centre II” is scheduled for completion by December 2019 and will provide more than 32,000 m² of leasable area, 196 parking places for cars and 117 for trucks. It is designed as a multi-tenant property with seven hall sections, each having five docking gates. The first hall section, which is the largest, providing close to 6,000 m² of space, is currently pre-leased under a long-term lease to J. Middelkoop Logistics and its subsidiary Rutges Cargo Europe. Efforts are being made to obtain British BREEAM “Very Good” sustainability certification for the property.
The development project is located directly next to the Amsterdam airport in Schiphol Logistics Park. The industrial park has a modern design, is environmentally certified and offers good access to the highway network.
This purchase allows fund management of WestInvest TargetSelect Logistics to invest in a modern project in a top logistics location.
DekaBank is the Wertpapierhaus (securities services provider) of the German Savings Banks Finance Group. Together with its subsidiaries it forms Deka Group, which has total customer assets of around EUR 288 billion (as at 30/09/2018) and around 4.6 million securities accounts, making it one of the largest securities services providers and real estate asset managers in Germany. It provides retail and institutional clients access to a wide range of investment products and services. DekaBank is firmly anchored in the Sparkassen-Finanzgruppe and designs its portfolio of products and services to meet the requirements of its shareholders and sales partners in the securities business.
The Deka Group’s global real estate expertise is pooled within its Real Estate Division. The two investment companies, Deka Immobilien Investment GmbH and WestInvest Gesellschaft für Investmentfonds mbH, and the service company, Deka Immobilien GmbH, manage and service around EUR 36 billion in real estate assets (as at 31/12/2018).