Signature of letter of intent for the development of a logistics project of approximately 28.000 m² in Roosendaal, the Netherlands
Subject to the usual suspensive conditions, Intervest Offices & Warehouses (hereinafter ‘Intervest’) has signed a letter of intent for the acquisition of a 3,9-hectare site on the Borchwerf I industrial area in Roosendaal. In cooperation with a specialised developer, Intervest will build a state-of-the-art logistics complex on this site, consisting of over 24.100 m² of warehouse space, 3.200 m² of mezzanine and 600 m² of offices.
The location currently still has an industrial use. The site will only be transferred to Intervest clear for construction following demolition works. The logistics complex will then be built and is expected to be delivered in the second half of 2019. Given the high demand for logistics in the region, the project will be completed with or without advance rental.
By getting on board the project at an early stage, the site can be acquired on favourable terms. The final purchase price will depend on the rental situation at the time the building is delivered. It is currently estimated that the building will generate approximately € 1,3 million in rental income on an annual basis and that the gross initial yield will vary between 7,25% and 6,0%, depending on the duration of the lease agreement.
Last year, Intervest acquired a 13.300 m² logistics complex at the Vossenberg II industrial zone in Tilburg and a 20.500 m² distribution centre in Raamsdonksveer. With this project, the real estate company is strengthening its position as a logistics owner in the Southern Netherlands.
De Lobel & Partners mediated as broker in this transaction. De Lobel is a broker firm in commercial real estate which focuses on the South-West of the Netherlands having its head office in Breda.
With this acquisition, Intervest is taking optimal advantage of the continuing strong demand for state-of-the-art logistics buildings in this top logistics region.