GARBE acquires Green Square Logistics I development near Schiphol Airport for ca. €40 mln

News 06/12/2021

• GARBE has acquired Green Square Logistics I in Aalsmeer near Amsterdam’s Schiphol Airport for ca. €40 mln via a forward-funding transaction
• Green Square is a high-end mixed-use development located in the heart of the Dutch flower industry close to the world’s largest flower auctions
• The development will be highly sustainable and will achieve a BREEAM Very Good certificate

Amsterdam, December 6, 2021 – GARBE Industrial Real Estate Netherlands has acquired the first logistics development from Dutch City Development at Green Square, in Aalsmeer, for ca. €40 mln via an off-market, forward-funding transaction. Green Square Logistics I measuring approximately 25,000 sqm in size, was purchased on behalf of one of GARBE’s investment funds, GARBE Logistikimmobilien Fonds Plus II (GLIF+II). Green Square is a high-end mixed-use development located close to Amsterdam’s Schiphol Airport in the heart of the Dutch flower industry.

Maurits Smit, Managing Director GARBE Industrial Real Estate Netherlands: “Amsterdam’s Schiphol Airport is one of the leading logistics locations in the Netherlands where demand for high-quality logistics warehouses is very strong. The building is emerging on one of the few greenfields in the wider region and will cater to companies active at the top end of the ornamental floriculture sector as well as manufacturing companies and traditional logistics. Further warehouse developments are planned on this exceptionally well-connected business park alongside a hotel, offices and leisure facilities.”

Green Square is a five-minute drive away from Amsterdam’s Schiphol Airport while the nearby A4 motorway offers a direct 45-minute connection to the port of Rotterdam.

Green Square Logistics I is being developed to high sustainability standards and will target a BREEAM Very Good rating. Alternative energy sources to gas such as solar panels will be used and the building will be equipped with LED lighting and large tripleglazed windows to provide as much natural daylight as possible. The logistics development is scheduled for delivery in the fourth quarter of 2022 and, on behalf of GARBE, JLL and Bridgegap will commence shortly with leasing activities for the entire property.

Maurits Smit added: “The architectural design of Green Square Logistics I is very appealing and the property will meet all the main contemporary sustainability requirements. This distribution centre is a valuable addition to our existing and fastgrowing logistics real estate portfolio in the Netherlands.“

The Aalsmeer transaction is the third transaction this year in the Netherlands for the GLIF+II investment vehicle, secured by GARBE’s Amsterdam-based industrial real estate team. It follows hard on the heels of the acquisition of a 71,000 sqm logistics property in Breda for ca. €70 million in September. Earlier GLIF+II purchased a 41,000 sqm distribution centre in Veenendaal. GARBE expects to finalise new transactions in the Netherlands for the fund in coming months. GARBE was advised by Lexence (legal), CVO (technical), EY (tax) and Bridgegap (commercial).