Acquisition of a major distribution center by AG Real Estate (BE)
Friday 13 January 2012
Jones Lang LaSalle’s Belgium Capital Markets team has advised Redevco in the sale of a major Distribution Center on the Nivelles Logistics site to AG Real Estate.
The distribution center covers 80,000 m˛ and is long-term let to Carrefour Belgium. Moreover, the site has the capacity of an additional 20,000 m˛ of storage space which would make Nivelles Logistics one of the biggest storage sites in Belgium.
The sale of the distribution center is in line with Redevco’s business strategy to specialize in retail properties.
Following a competitive international marketing process, the property was sold to AG Real Estate at a price of approximately €49 million. This is the most important investment deal of 2011 on the Belgian logistics market.
In this transaction, Jones Lang LaSalle acted on behalf of Redevco Belgium. The same three parties transacted in 2008 for the sale by Redevco of the Blauwesteen site in Kontich and is the proof of AG Real Estate continuing appetite for large logistic investments.