Valor Real Estate Partners (“Valor”), Europe’s fastest growing last mile real estate specialist, has acquired a 12,632 sqm urban logistics property in Waddinxveen, near Rotterdam, from Wayland Real Estate (“Wayland”). It follows Valor’s debut transaction last month in what is one of Europe’s dominant logistics markets, and where Valor has ambitions to significantly and rapidly scale.

The single tenant property, which was developed by Wayland in 2021, is leased to CEVA Logistics, the global logistics and supply chain business, with 13.5 years remaining. The BREEAM-NL Very Good certified property is fully electric and features LED lighting, an ESFR sprinkler system, underfloor heating and PV panels, whilst also benefitting from low site density and parking for 155 cars.

Waddinxveen is an established logistics market in the western Netherlands, in close proximity to central Rotterdam, accessible via the A20 (20-minute drive time), and The Hague, accessible via the A12 (21-minute drive time). The property is strategically situated along the A12 corridor, providing direct access across the Randstad region and to 4.1 million people (23% of the Dutch population) within a 60-minute drive.

Valor launched its value-add strategy in the Netherlands last month with the acquisition of a 24,079 sqm urban logistics property in North Amsterdam. According to Statista, the Netherlands is Europe’s seventh largest ecommerce market with over 3% of its GDP derived from online shopping, whilst ecommerce penetration in the Netherlands currently stands at 20% nationwide, with projections set to climb to close to 30% in the Randstad area by 2027.

Matthew Ganas, Senior Vice President, Investments, commented:

“Leveraging our increasingly established local market expertise and transaction execution certainty enabled us to acquire, off market, a Grade-A property with a visible, long-term income profile, at discounted pricing. Our deployment ambitions in the Netherlands reflect the strength of the investment case for last mile logistics, which is as compelling as anywhere in Europe, underpinned by permanent demographic and technological structural trends. Furthermore, the sector’s highly granular nature and high barriers to entry provide a compelling first mover opportunity as we look to replicate the scale we have achieved in the neighbouring markets of France and Germany.”

Valor was advised by TLF, LOYENS & LOEFF, Drees & Sommer.