Groundbreaking Ceremony

With great excitement, we celebrated the ground-breaking on the e-commerce centre in Roosendaal, this is the first DCAM development in the Netherlands. The project is progressing smoothly and running to schedule. This new 58,000 m² DC is located in business park Borchwerf II and will be leased to Lidl for their e-Commerce logistics activities. The warehouse will become operational in Spring 2018.

Symbolische eerste kolom e-commerce centre Roosendaal geplaatst Op feestelijke wijze is de spreekwoordelijke eerste kolom geplaatst voor de bouw van het e-commerce distributiecentrum in Roosendaal, het eerste project in Nederland waar DCAM optreedt als ontwikkelaar. De werkzaamheden verlopen vlot en volgens schema. Dit nieuwe 58.000 m² tellend logistiek centrum is gelegen op het bedrijventerrein Borchwerf II en zal verhuurd worden aan LidL die er de logistieke activiteiten van hun e-commerce afdeling zal onderbrengen. De vestiging zal in het voorjaar van 2018 in gebruik worden genomen.

DCAM Secures 58 000 Sqm Pre Let To Lidl E-commerce At Roosendaal The Netherlands

Further 150,000 m² of speculative and build to suit development planned for 2017.

Delin Capital Asset Management (“DCAM” or the “Company”), a leading pan-European distribution and logistics real estate investor and developer, is pleased to announce it has signed a 58,000 m² (645,830 sq ft) pre-let at its Roosendaal development, with Lidl E-Commerce (“Lidl”), the global supermarket chain.  This build to suit project is one of the larger being undertaken this year in North West Europe and demonstrates the ongoing demand for prime, high-quality logistics assets in the Netherlands, driven primarily by the opportunities presented by the continuing growth of e-commerce.

In addition to the pre-let, DCAM has committed to 150,000 m² (1.6 million sq ft) of new logistics development projects across the Benelux region during 2017, with 100,000 m² expected to be in construction by Q3 this year. This includes the speculative development of a 35,000 m² warehouse at Amsterdam Park, one of Europe’s largest Grade-A logistic parks, centrally located in the Port of Amsterdam, Europe’s 4th largest port. It benefits from easy access to the A5 motorway, connecting the site to Amsterdam-Schiphol Airport within a 10 minutes’ drive. Current tenants include GE, G-star and a number of other prominent pan-European retailers. 

Lidl has entered into a long-term lease, with no breaks. The specifications for the e-fulfilment warehouse, agreed in partnership with Lidl, include 12.20-metre eaves, extensive truck and car parking facilities, an above average dock to door ratio and circa 5,000 m² of office and social space. The building will achieve a BREAAM rating, to include state of the art thermal performance and a high efficiency power management system. Located in Borchwerf II Business Park, a multi-modal strategic location in the prime logistics hotspot of West Brabant, the development is just 2km from Roosendaal, which has a population of 77,000 and 60km from Rotterdam Port, Europe’s largest deep-water port area.

Unibouw will be the general contractor responsible for delivering the warehouse, which is expected to be completed in spring 2018. 

In addition to the current development activity in the Benelux region, DCAM is exploring a number of opportunities in the UK and Germany. The Company’s current portfolio is valued in excess of €550 million, comprising 17 assets across 580,000 m² and a broad range of tenants, with a specific focus on ecommerce retailers.

Ekaterina Avdonina, Managing Director of DCAM, commented: “Having started as a speculative project, our ability to agree exclusivity at Roosendaal just three months from securing the project, for what will be one of the largest projects of its type in Western Europe, is a strong endorsement of our capabilities.

“Occupier appetite for both pre-let and speculative warehouse development schemes is unabated, as demonstrated by the strength of a pipeline that should offer significant returns on investment, fulfilling what we forecast to be a significant gap in the market.

“As supply levels remain at record lows, demand for the highest-quality and state of the art big sheds is being driven by major retailers focusing their resources and capital on improving the end-to-end e-commerce offering.  Our ambition is to become a leading player in this space and we are confident that with our existing pipeline and UK and German expansion plans, we are well placed to achieve this.” 

Third-party logistics providers: the space race

Third-party logistics providers: the space race – Property Week

The changing requirements of retailers and their 3PL providers, driven in part by thgrowth in ecommerce, has made developing speculatively an even riskier business than it might otherwise have been. “Everyone tries to build a unit that meets all requirements , but the nature of demand is much broader and more complicated than generic storage, says Ekaterina Avdonina, chief executive at Delin Capital.

About 50% of the demand at the moment is retail-and ecommercedriven. That is a very specific, time-critical demand, which demands a different type of facility.”

Read the full article here on Property Week

Many unhappy returns

MIPIM – Preview magazine
Ekaterina comments on the rise of e-commerce and the phenomenon of merchandise returns.

“Typically for online fashion retailers, every third package is returned, which obviously creates a massive cost, not only for transportation but for processing”

Read the full pdf article here

2017 The Challenges Ahead - Ekaterina responds to Property Investor Europe's questions.


This year will be remembered as a year of political shock waves. First Brexit and then the election of Trump to the White House proved that political unpredictability is now at the core of the financial system, with both events wiping billions of dollars from markets, albeit temporarily. Whilst the overall market conditions in the real estate arena have remained largely unchanged, the uncertainty around the political futures of the UK, the US and the rest of the Eurozone is now dominating both the political and economic agendas of real estate investors.


Core income-driven strategies and value-add strategies will dominate the focus of real estate investors. Real estate returns will remain an attractive diversifier to equities and bonds. Repricing of bond markets / fixed income products and increasing inflation may lead to a decreasing allocation towards real estate assets, which in turn may have a negative impact on core pricing, which we consider to be a primary risk.


DCAM is a real estate investor, manager and developer of logistics assets, and we focus on sustainable locations which appeal to a majority of occupiers, with a particular focus on e-commerce players. Due to the unprecedented growth of logistics occupier demand, we consider the availability of land to be our key challenge for next year.


After heading the investment team at DCAM for  a number of years, I took over the management of the business with a change of direction in mind.

Published in Property Investor Europe | Edition 430 | December 2016 / January 2017 |

DCAM Sews Up 100,000 sqm of Leasing Activity Across European Portfolio

Delin Capital Asset Management (DCAM or the ‘Company’), a leading real estate Company focused on European logistics is pleased to announce the completion of circa 100,000 m² of leasing activity across its European portfolio in four separate deals in last few months. The transactions completed are:

  • At Waalwijk in the Southern Netherlands, DCAM has agreed a new 12 year lease with Airopack, part of the Kelders group at the 17,340 m² distribution facility. The new lease follows the recent bankruptcy and administration of the previous tenant.
  • At Beiraweg 2-8 Amsterdam Port, DCAM has agreed a lease renewal on its 40,000 m² logistics property with the Fetim Group maintaining a 100% occupancy in their Amsterdam portfolio.
  • In Eindhoven, Netherlands, DCAM has secured a lease renewal with existing tenant Philips Lighting BV in the 19,900 m² facility, extending the lease to mid-2020.
  • Finally, at DCAM’s 222,000 sq.ft Agecroft Commerce Park facility in Manchester, DCAM has agreed a re-gear with Bunzl Retail and Healthcare Supplies Ltd, extending the lease to 2027.

Ekaterina Avdonina, Managing Director of DCAM commented:

“We have had a busy year to date in terms of asset management, working with both existing tenants and new ones, in the case of Airopack. This has led to us lengthening the portfolio lease length and improving the income, underpinning the overall quality of our European distribution portfolio and delivering on our business plans.”

Delin reports 100,000m2 of letting activity across European logistics portfolio

Cormac Ruairi, Property EU

Delin Capital Asset Management (DCAM) has secured almost 100,000 m2 of reletting agreements across its European logistics portfolio in four separate deals in the last few months.

When combined, the new letting activity delivers a total annualised income of €6 mln representing a 2.6% uplift on the previous rent and has extended the portfolio weighed average unexpired lease term (WAULT) by over 12 months.

‘We have had a busy year to date in terms of asset management, working with both existing tenants and new ones, in the case of aerosol specialist Airopack. This has led to us lengthening the portfolio lease length and improving the income, underpinning the overall quality of our European distribution portfolio and delivering on our business plans,’ said Ekaterina Avdonina, managing director of logistics investor-developer DCAM.

At Waalwijk in the southern Netherlands, DCAM agreed a new 12-year lease with Airopack at the 17,340 m2 distribution facility. The new lease follows the recent bankruptcy and administration of the previous tenant.

At Beiraweg 2-8 Amsterdam Port, DCAM agreed a lease renewal on its 40,000 m2 logistics property with the construction material group Fetim, thereby maintaining a 100% occupancy in their Amsterdam portfolio. In the Dutch city of Eindhoven, DCAM secured a lease renewal with existing tenant Philips Lighting in the 19,900 m2 facility, extending the lease to mid-2020.

Finally, at DCAM’s 20,600 m2 Agecroft Commerce Park facility in Manchester, DCAM agreed a regear with Bunzl Retail and Healthcare Supplies, extending the lease to 2027.

Gerwin Vos moves from DTZ over to Delin Capital

Delin Capital Asset Management (DCAM) Gerwin Vos appointed as commercial director. Vos was until recently Director of Logistics at broker DTZ Zadelhoff. His appointment coincides with the opening of a new office in Rotterdam DCAM.

Gerwin Vos gets DTZ over to Delin Capital
“Logistics real estate man” Gerwin Vos get to 13
years DTZ over to the British
Delin Capital Asset Management.

DCAM is an asset management company based in London that focuses mainly on European logistics real estate. Fox was thirteen working for DTZ, where he served as Director of Logistics at the head of a team of six logistics real estate experts.

New investments in logistics real estate

With the new office in Rotterdam and the existing London office Federline has expanded its European capacity up to ten real estate professionals. With Fox says DCAM to look for investments in new and existing logistics real estate in logistical hubs.

Major tenants: G-Star and NedCargo

DCAM has expanded its portfolio since 2012 in the Netherlands and the United Kingdom and is now a major provider of distribution centers including Amsterdam (Western Harbour) of approximately 100,000 square meters of logistics space campus .Major tenants of DC’s of DCAM in the Netherlands G-Star with 35,000 square meters in Amsterdam’s western port and the DC of NedCargo (formerly Van Uden Logistics)along the A12 in Waddinxveen.

New construction on Borchwerf II

Also, the asset management company property portfolio include in Tilburg (Katsbogten) and Eindhoven ( Philips and Rhenus Son , ed.). “Logistics real estate agent ‘Fox have announced that there is a big ambition to grow, including through new development. So DCAM does include currently on logistics business park Borchwerf II in Roosendaal, a new distribution center in preparation for getting a size of 35,000 square meters. The construction of this DC start in the third quarter of this year and will be in the first quarter of 2017.First published by Bas Dijkhuizen on 7 Jul 2016

This has been automatically translated  to English from Dutch.

First published by Bas Dijkhuizen on 7 Jul 2016

Read the original published article

Strengthening Dutch Presence

DCAM, a leading real estate company focused on European logistics, today announces the appointment of Gerwin Vos as Commercial Director. Gerwin’s appointment coincides with the opening of a new office in Rotterdam, bringing DCAM’s international real estate presence to ten people across London and the Netherlands.

Gerwin joins DCAM with over 20 years of experience in the logistics sector, having joined from DTZ Zadelhoff, where he served as Director Logistics, with a key focus on both the occupier and investment markets across the country. During his 13 year tenure at DTZ Zadelhoff, Gerwin was responsible for operations spanning the Netherlands, managing a team of six real estate professionals. Prior to joining DTZ Zadelhoff, Gerwin also served as a senior agent in commercial real estate. In his new role, Gerwin will be responsible for all new commercial activities.

Ekaterina Avdonina, Chief Executive at Delin Capital Asset Management, added:

“It is testament to the strength of our business that we have been able to attract talent such as Gerwin, who will play a vital role in our progress within the Netherlands and elsewhere in our target markets. Gerwin brings with him an unrivalled knowledge of the logistics market, and we look forward to working with him as we continue to source development and income accretive opportunities in key logistics hubs. Furthermore, this appointment now brings DCAM’s team to ten real estate professionals located across Europe which in addition to the opening of our new Rotterdam office, underpins both the strength and ambition for the business.”

Delin moves into development with Dutch project | NO. 5 – June 2016


Delin Capital Asset Management (DCAM), a mid-sized logistics property asset and fund manager, is moving into development, PropertyEU has learned. The first project is a 40,000 m2 warehouse being developed in the Netherlands.

The project has a gross development value of €30 mln and is located between Moerdijk and the port of Rotterdam in the south of the Netherlands. ‘The prime location is attractive for DCAM because of the current low vacancy rates and strong take-up,’ new CEO Ekaterina Avdonina told PropertyEU in an exclusive interview. Delin’s current portfolio comprises 550,000 m2 of warehouse and distribution space, valued at €500 mln. Adding development activity to the fund management business is an integral part in Delin’s evolving strategy aimed at doubling assets under management to €1 bn within the next three years. ‘We plan to achieve this by a mix of further acquisitions and development,’ Avdonina said.

Delin was established in 2012 to focus on the acquisition and management of core logistics assets in the UK and western European markets, namely the Netherlands, Belgium and Germany, on behalf of its clients. To date Delin has acquired assets in the Netherlands and the UK, but has found that assets are difficult to come by in Belgium. ‘We need scale and while we always had a chance to do the first deal in Belgium, we were concerned about securing a second one’. Germany will be the next geographical location for Delin. Founding CEO Christian Jamison left the business earlier this year to ‘pursue other interests’ and he was succeeded by Avdonina, who served as chief investment officer from day one. Avdonina intends to position Delin as a specialist full-service western European logistics company at the forefront of the changes in the logistics sector which are being driven by technological changes and the growth of e-commerce. Last-mile urban distribution centres, a sector still in its infancy, will be a big focus. The company has recruited Bart de Sitter, former CEO of developer Ulogis, as development director and Amos Chia joins from Revetas to head the search for new acquisitions. ‘We firmly believe that logistics assets – both big box and urban units – will continue to benefit from strong occupational demand supported by the structural shifts taking palace in the purchase and delivery of goods driven by e-commerce,’ Avdonina said.