CASA distribution centre has a new owner

INVESTMENT
Tim Harrup

The dynamism of the logistics sector has been further demonstrated with the announcement that, on behalf of a pan-European fund, CBRE Global Investors has acquired the Casa Distribution Centre located in Olen (Antwerp province).This off-market transaction has seen the investment company purchase the centre from Domus Logistics, a subsidiary entity of the Casa Group. The 60,000m² state of the art, Grade A logistics asset is fully occupied by Casa Group, a Belgian interior decoration and furniture chain which, along with its widespread presence in its home country, has a total of 500 stores in eight countries. The centre In Olen serves as both the European distribution centre and the company’s European office headquarters. It was built in 2017 and comprises 49,776m² of warehouse space, a 6,609m² mezzanine and 4,969m² of office space.

The centre is located along the E313, the main logistics axis between Antwerp and Liege and which is one of the top three preferred location zones in the country (after Antwerp-Brussels and Antwerp-Ghent). The location also benefits from good international connectivity via the European motorway network and several large international brands have their European distribution centres located in the area.

Arthur De Four, Senior Asset Manager at CBRE Global Investors comments: “There is a limited available product in this area making this a rare investment opportunity. Benefiting from strong logistics market fundamentals and structural undersupply in the Antwerp submarket, the asset will also provide a secure income stream. With the positive outlook for the logistics sector, we expect this asset to be a strong performer for our investors”.

It may be recalled that CBRE Global Investors made a substantial entry into the Belgian market earlier this century, when it was in particular involved in the rehabilitation of one of the Brussels office market’s (at the time) difficult assets – Science 14. The company also opened an office in the Bastion Tower, at the Porte de Namur in Brussels.