Verdion has secured a new €33.5 million opportunity close to the Danish city of Horsens as the first asset in its Verdion European Logistics Fund 2 (VELF2).
The 57,178 sq m property is located in Business Park Vega, part of the city’s emerging western logistics cluster, with construction of a 28,112 sq m warehouse now underway. The opportunity was acquired from Jutland-based Mortensen Gruppen.
12,768 sq m has been pre-let to established ladieswear brand Zizzi, which is relocating from Billund. The remaining 15,344 sq m is available to lease, providing high-quality warehousing, offices and welfare areas.
Verdion will develop the new facility with a focus on energy efficiency and targeting the DGNB Gold sustainability rating, with completion planned for May 2024.
Michael Hughes, CEO of Verdion, said: “This was an attractive opportunity in a strategic logistics location with strong growth potential and the ability for Verdion to deliver high-quality warehousing with strong ESG credentials. We see great potential in the Horsens area, with its access to major population centres across Jutland as well as its strong national and international transport links.
“It is the first of a number of acquisitions we expect to make in Denmark, Sweden, Germany and the Netherlands over the next three years as part of our VELF2 value-add fund.”
VELF2 has a value-add strategy to reposition existing assets into future-proofed core properties in established Northern European logistics locations. It has recently announced initial closings totalling €75 million sourced exclusively from investors in the first vehicle of the VELF fund series.
Verdion’s first fund VELF1 reached final close in 2020, having raised €158 million. It is now fully invested and, together with debt, has deployed €310 million on the acquisition and enhancement of eleven logistics assets across Germany, the Netherlands, Denmark and the Czech Republic.