Neo Capital (DIFC) Limited, a global real estate investment management firm, has announced the acquisition of Wasco Warehouse in Deventer, Netherlands, for €45.55 million. This investment marks Neo Capital’s third acquisition in the Netherlands, highlighting its strategic expansion in the region.
This acquisition follows Neo Capital’s previous investments in commercial towers in Rotterdam and Hoofddorp (Amsterdam). The company leveraged its expertise in the Dutch market to secure the property, demonstrating a deep understanding of local market dynamics.
Financing for the acquisition was secured from Deutsche Bank.
Constructed in 2023, the Class A warehouse features top-tier ESG credentials, including 14 electric vehicle charging stations and a BREEAM “Excellent” certification, achieved through the installation of solar panels.
The Wasco Warehouse is leased to Wasco Netherlands for a 10-year term. Wasco, established over 50 years ago, is a major wholesale distributor of Heating, Ventilation, and Air Conditioning (HVAC) systems. The property is strategically located near the A1 and A50 highways and Deventer Railway Station, covering approximately 53,582 sq.m. of freehold land with a net floor area of around 36,797 sq.m. for warehouse, office, and mezzanine space.
Babak Sultani, Chief Executive Officer of Neo Capital, commented on the acquisition: “This acquisition of Wasco Warehouse marks our third asset in the Netherlands, reflecting our confidence in the Dutch real estate market’s long-term potential. We see significant investment opportunities in the industrial and logistics sector, driven by strong market fundamentals such as ongoing tenant demand and development challenges. The timing was critical, as we believe interest rates have stabilized, leading to a price correction. This acquisition aligns with our strategy of investing in properties that generate stable cash flows and are located in strategic industrial and logistics hubs across Europe.”
Founded in 2015, Neo Capital has a robust track record of successful transactions across the US, Western Europe, and the UK, totaling approximately US $1 billion to date. The firm’s portfolio includes the recent acquisition of Liverpool’s Royal Albert Docks in the UK. Neo Capital’s other investments in the Netherlands include Weena 200, a 17,494 sq.m. Grade A office building in Rotterdam, and The SHARE, an 8,121 sq.m. Grade A office building in Hoofddorp, near Schiphol Airport and Amsterdam CBD.
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By Proptechbuzz
By Ravi Kumar
