AEW buys warehouse development in the Netherlands for German pension fund

AEW has acquired a class A logistics development, De President, in Hoofddorp, The Netherlands.  The asset was acquired through a forward-funding agreement with developer Minerva Development on behalf of a German separate account investor.

De President is fully let to Scotch & Soda, a Dutch fashion retailer, on a 10-year lease. Due to complete in mid-2022, the asset will comprise 20,000 square meters (215,000 square feet) of warehouse and office space over three floors with basement car parking spaces.  The asset will have photovoltaic panels installed on the roof and is seeking BREEAM “Excellent” energy certification, WELL Certification “Gold” and will have an EPC label A.

The development is situated in Hoofddorp, a town located 20 kilometers (12 miles) from Amsterdam and in one of the fastest-growing economic hubs in the country, given its proximity to the city and international airport. The asset will have strong transport connections, located 10 minu