Neo Capital (DIFC) Limited (Neo Capital), a leading global real estate investment management firm, announced its acquisition of Deventer, Netherlands-based Wasco Warehouse for €45.55 million.
Financing for the acquisition of Wasco Warehouse was secured from Deutsche Bank, Neo Capital said in a media statement.
Constructed in 2023, the Class A warehouse has excellent ESG credentials, and is equipped with 14 electric vehicle charging stations.
It also has a BREEAM ‘Excellent’ label, recently achieved following the installation of solar panels, the company said.
The acquisition marks Neo Capital’s third investment in the Netherlands, the first two being its investments in two commercial towers in Rotterdam and Hoofddorp (Amsterdam).
The warehouse is leased to Wasco Netherlands, a prominent wholesale distributor of heating, ventilation and air conditioning systems, for a 10-year term.
Babak Sultani, Chief Executive Officer of Neo Capital said the company’s third investment in the Netherlands showcases its confidence in the long-term potential of the Dutch real estate market.
“We see lucrative investment opportunities in the industrial and logistics sector, due to strong market fundamentals, including ongoing tenant demand and challenges that have been hindering new developments,” he said.
Sultani said the timing of the acquisition was critical as the company feels that interest rates have plateaued, resulting in price correction.
“This acquisition reflects on our real estate strategy focusing on investments that generate stable cash flows and that are located in strategic industrial and logistics hubs across Europe,” he said.
Founded in 2015, Neo Capital has a strong track record of successful transactions across the US, Western Europe, and the UK, with investments to the tune of approximately $1 billion to date.
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