Property investment and active management specialist Ashtenne Holdings has paid £8M to buy a 51,150sq m logistics warehouse in Amersfoort, near Utrecht, in the Netherlands from Hays. The development follows the £28M acquisition of the pan-European Rexel portfolio.
The warehouse is vacant as a result of Hays moving to new purpose-built premises in the Netherlands.
The deal between Ashtenne and Hays also includes the latter company benefiting from a joint venture arrangement whereby it can receive further monies if Ashtenne adds value to the property over the next five years.
Nigel Gray, group property surveyor at Hays, says: “We are pleased to have disposed of this surplus space with the possibility of further financial upside. Ashtenne moved swiftly and professionally particularly bearing in mind that the property is out of the UK.”
Ashtenne joint chief executive Ian Watson says: “The property is a classic Ashtenne opportunity which offers good quality, flexible and economic space for occupiers as well as some interesting redevelopment opportunities in the longer term.”