Two Dutch industrial property deals that have completed for a combined E66m (£52.5m) are a sign of continuing appetite for European logistics and warehouse property, CB Richard Ellis said this week.
In the first deal Kenmore has sold a 724,000 sq ft property at Veghel, near Eindhoven, to Warehouse de Pauw for E31.7m (£25.2m).
The warehouse is let to Kuehne & Nagel until 2103.
Goodman has also sold two properties in Almere and Nijmegen to Deka for E34.8m (£27.6m).
The Almere property comprises 269,000 sq ft and is let to TYC Europe until 2013, The Nijmegen property provides 334,000 sq ft of space let to Bikeurope and Saphin.
‘Although the market is a tougher place right now, there is still relative strength in the logistics sector,’ said David Turner, head of CB Richard Ellis’ cross border industrial and logistics team.
‘Against a background of generally weaker activity in European property investment, turnover in the industrial market in continental Europe was only 3% lower in the first half of 2008 than in the same period last year.
‘The fundamentals of pan-European logistics remain strong and largely unaltered – hence there is an identifiable demand for quality warehousing in prime logistics locations, underpinned by strong covenants.’
CBRE advised Kenmore and Goodman.