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Brookfield subsidiary acquires 13 warehouses in the Netherlands

The portfolio, the first purchase by logistics real estate company IDI Gazeley in the Netherlands, includes over two million square feet of warehousing space.

   IDI Gazeley, the logistics real estate arm of Brookfield Property Partners, made its first purchase in the Netherlands, acquiring a portfolio of 13 warehouses from Dutch real estate fund Eurindustrial N.V., according to a statement from the company.
   The portfolio, which includes properties in the Amsterdam, Venlo, and Venray areas of the Netherlands, totals more than two million square feet with individual warehouses of up to 310,000 square feet.
   According to the Wall Street Journal, the deal is valued at just under 110 million euros (U.S. $124 million).
   IDI Gazeley said the transaction is its third major portfolio acquisition in the last 12 months. The company currently has 57 million square feet of logistics warehouses and distribution parks under management in North America, Europe and China.
   “The assets within the portfolio have a high occupancy rate and are currently leased to a variety of leading logistics and distribution companies many of whom are already part of IDI Gazeley’s growing customer community, including UPS, Syncreon, Canon, and ND Logistics,” IDI said in a statement.
   “This major portfolio acquisition gives us a great platform from which to build our presence in the Netherlands and increases our assets under management considerably,” Chief Acquisitions Officer Nick Cook said of the purchase. “Notably this transaction demonstrates our ability to develop a scale operation quickly in new geographies from which we will serve both existing and new customers.”
   DTZ Zadelhoff served as advisor to IDI Gazeley in the transaction, while DLA Piper, Tauw and ChandlerKBS provided legal, environmental and technical advice, respectively.
   Eurindustrial were advised in the deal by CBRE, with legal advice provided by Houthoff, tax advice by Deloitte, and technical support by CVO.

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