Toronto-based Granite REIT agreed to buy three logistics properties in the Netherlands for a total of roughly €89 million.
The prime and built-to-suit properties in Tilburg, Weert and Ede have a combined area of 79,000 square meters and will be delivered starting mid-2020 until 2021.
The assets are fully leased to three tenants for a weighted average lease term of about 11 years. Spanning 45,000 square meters, the largest asset in Tilburg will serve as the national distribution center of Decathlon.
The properties are equipped with several sustainability features and are expected to receive a BREEAM "very good" certification.