Constructed in 2005, the Horst property was identified earlier in the year. It totals approx. 6,900 sqm, including office space, and has been acquired for €12.1 million as part of a sale and leaseback deal with Limax, a producer, packager and distributor of soft fruits and mushrooms. Serving as its headquarters, the tenant critical asset with cold storage lies between Venlo and Venray, an area which is well known for its agrofood and agricultural businesses. It is considered the gateway to the European hinterland, close to barge and rail terminals and the A73 to Nijmegen and A67 to Antwerp/ Duisburg.
The freehold property, which covers a total land plot of c. 40,500 sqm, provides ample scope for future extensions and benefits from a ten year lease term subject to annual CPI capped indexation, with the price reflecting a net initial yield of 3.8%. It features rooftop solar panels which enhance the portfolio’s sustainability credentials, in line with the Company’s strategy.
Evert Castelein, Fund Manager for ASLI, commented: “These assets fit with our strict investment criteria, being excellently located with direct access to major routes and standing on large plots allowing for future expansion. The portfolio now totals 28 properties across five countries, adding further diversity to our strategy.
Vendor was commercially advised by TLF and legally by CMS, while ASLI was commercially represented by M² Real Estate and legally by DLA Piper during negotiations.