Prologis one of the world’s leaders in logistics real estate solutions felt like increasing its presence in Belgium. Over the past few years, Prologis and Cushman & Wakefield have been building a great collaboration. That’s how our team was asked to help in understanding the Belgian logistics real estate market and advised them with the acquisition of different assets.
“Working together allowed us not only to ensure uninterrupted real estate services, but to deliver a portfolio strategy that was aligned to Prologis’ objectives.”
Bart Vanderhoydonck, Head of Industrial Agency Belgium
This project provided Cushman & Wakefield with a great opportunity to leverage several service lines across our platform and helped Prologis realise their objectives.
Over nine months, our Capital Markets, Industrial, and Logistics teams all came together and played integral parts at different points throughout these transactions to support Prologis’ real estate strategy. Our market experience, an efficient communication between the different teams involved, Prologis’ trust in our skills were all keys that have contributed to the success of this project.
Just before the closing, the coronavirus crisis started in Belgium and the project had to be put on hold for a few months. Nevertheless, with valuable advice Prologis managed to acquire a strategic portfolio during difficult times and at a fair market price.
Prologis entered into the transaction with AG Real Estate to accelerate its growth in Belgium. As a result, they made the acquisition of five high-quality logistics facilities totalling 157,500 sq m in Belgium’s key logistics markets such as Beersel, Milmort, Oudsbergen and Kontich. The acquisition includes 80,000 sq m of land for the future development of 45,000 sq m of logistics space.
And the collaboration won’t stop here. Indeed, Prologis wishes to optimise their actual portfolio and expand even more in Belgium in a near future.
“The deal represents the biggest logistics portfolio transaction in Belgium in four years. The facilities included in Project BEL are located along one of Europe’s busiest logistics corridors and are highly complementary to Prologis’ existing portfolio. Demand for high-quality logistics assets in key locations remains high and we anticipate end of the year L&I transaction volumes in EMEA to reach similar levels seen in 2019 at around €30 billion, despite the COVID-19 outbreak.”
Head of Industrial Agency Belgium
CONTACT THE TEAM
You will also find this success story on our website