DCAM and Blackstone agree a new partnership

DCAM recapitalises UK and Dutch logistics portfolio and establishes prime logistics partnership with Blackstone

London 11 April 2017 – Delin Capital Asset Management (“DCAM”), a leading pan-European logistics real estate owner, investor and developer and Blackstone’s Core + platform have established a partnership to acquire prime logistics assets in Germany, Benelux and the UK. DCAM has contributed an initial seven asset portfolio of UK and Dutch assets to the venture comprising over 230,000 sqm of leased Grade-A logistics space, including a 58,400 sqm pre-let development in Roosendaal in the Netherlands. DCAM will be asset manager to the partnership.

DCAM and Blackstone plan to grow the portfolio through additional investment in logistics assets where locations are underpinned by a demand/supply imbalance.

Ekaterina Avdonina, Managing Director of DCAM, commented: “We are delighted to have created this new partnership with an established real estate investor in Blackstone and look forward to growing it over the coming years leveraging our combined experience to identify and acquire new opportunities across our target markets.”

“Occupier demand for high quality and well located warehouse and logistics space continues to gain momentum, underpinned by the structural changes taking place in consumer shopping habits. With the sector having demonstrated ongoing resilience and outperformance, we are confident that underlying market fundamentals are in place to support this new vehicle.”

DCAM was advised by JLL and Blackstone was advised by CBRE.

For further information please contact:

Delin Capital Asset Management
Ekaterina Avdonina
+44 (0)207 487 1220

FTI Consulting on behalf of Delin Capital Asset Management
Dido Laurimore / Richard Gotla
+44 (0)20 3727 1000

Notes to editors

About Delin Capital Asset Management

Delin Capital Asset Management (‘DCAM’) is a leading real estate company focused on European logistics.

DCAM will continue to manage its own portfolio of logistics assets whilst increasingly focusing on the development of new assets and investing in value-add logistics opportunities across its target geographies of the UK, Benelux and Germany.

DCAM’s strategy encompasses the development, ownership, and active management of best in class warehouse and urban logistics distribution properties which are well located and which are set to benefit from increasing growth in e-commerce and Europe’s logistics supply chain.

DCAM is headed and by Ekaterina Avdonina, one of the few very senior women in logistics property.

Delin Capital Asset Management UK Limited is an Appointed Representative of Gallium Fund Solutions Limited, which is authorised and regulated by the Financial Conduct Authority.

About Blackstone

Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has approximately $102 billion in investor capital under management. Blackstone’s real estate portfolio includes hotel, office, retail, industrial and residential properties in the US, Europe, Asia and Latin America. Major holdings include Hilton Worldwide, Invitation Homes (single family homes), Logicor (pan-European logistics) and prime office buildings in the world’s major cities. Blackstone real estate also operates one of the leading real estate finance platforms, including management of the publicly traded Blackstone Mortgage Trust.

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.” 

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.”

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.”

DCAM Announces Strategy to Become Full-Service Western European Logistics Player

Delin Capital Asset Management Announces Strategy to Become Full-Service Western European Logistics Player Under Leadership of Ekaterina Avdonina

02 June 2016 – Delin Capital Asset Management (‘DCAM’ or the ‘Company’) has announced a new strategy to become a multi-faceted (full service) leading European logistics real estate company, under the leadership of Ekaterina Avdonina. The company was established in 2012 to focus on the acquisition and management of core logistics assets in the UK and Western Europe on behalf of investors.

Ekaterina has been appointed managing director DCAM, succeeding Christian Jamison who left the business to pursue other interests. She has a strong track record in the logistics sector having been the CIO since the Company’s inception and has been integral in growing the Company’s assets under management to over €500m.

To date the Company has acted as an asset manager, making investments on behalf of clients solely into prime logistics assets in the UK and Benelux. Currently the Company manages a portfolio providing over 550,000 m² of warehouse and distribution space.

Under Ekaterina’s leadership the Company’s strategy will evolve to encompass the development, ownership, and active management of best in class warehouse and last mile urban logistics distribution properties which are well located and which are set to benefit from increasing growth in e-commerce and Europe’s logistics supply chain. DCAM will aim to think innovatively and remain at the forefront of technological changes that impact and challenge the logistics real estate sector.

In an initial move towards this, the Company will start to engage in development and today is pleased to announce its first large scale speculative development in the Netherlands of a 40,000 m², €30 million GDV logistics warehouse close to the ports of Rotterdam and Moerdijk. The prime location is attractive for DCAM because of current low vacancy rates and strong take up.

The Company is also pleased to announce a number of new appointments, providing further strength and expertise to the business.

  • Bart de Sitter has joined as development director. Prior to joining DCAM he held various roles in construction and development companies focussed on logistics and industrial.
  • Amos Chia has joined the investment team and will be responsible for identifying and underwriting new acquisitions. He joins from Revetas where he was a Senior Investment Analyst.

Commenting, Ekaterina Avdonina, managing director, DCAM, said:

“I am excited to be leading the next phase of DCAM’s evolution which will see it become a full-service Western European logistics company, building on our existing expertise and track record in the sector. 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 that are taking place in the purchase and delivery of goods driven by E-commerce. With a strong team in place, we are well positioned to identify further investment and development opportunities in order to grow our business and to become a key player in the European market.”

Christian Jamison to leave Delin Capital Asset Management

Following the successful completion of the CPP1 Fund, a portfolio of sixteen prime, income producing, logistics assets in the UK and the Netherlands, Christian Jamison has chosen to pursue other projects outside of DCAM.

He will be leaving the business in February and will handover his duties to Ekaterina Avdonina, who will assume the role of CEO on his departure.

Christian has been instrumental in building the DCAM business and delivering the CPP1 Fund, and we thank him and wish him well for the future.

Strengthening Our Team With Appointments of Andy Colman and Jonathan Gardner

Delin Capital Asset Management, (‘DCAM’ or the ‘Company’), a Jersey registered real estate investment advisor and asset manager focused on investments in logistics assets in the UK, the Netherlands and Belgium, announces two senior appointments to strengthen its team.

Andy Colman joins the Company as Finance Director. He comes with over 25 years of experience within the fund management, real estate and investment sectors, having originally trained as a Chartered Accountant with PwC. His experience within the real estate sector encompasses three years as Finance Director of Aerium Finance where he oversaw over £600 million of investment into the UK office market. Prior to this, Andy served as European CFO for CBRE Global Investors, where he managed financial operations across five European offices, in addition to structuring and launching a number of Pan-European and UK value-add and core funds. He also supervised the business’ administration and investor reporting.

Jonathan Gardner, a former Regional Director of Ashtenne’s £500 million Industrial Fund, brings with him a proven track record of identifying and negotiating new acquisitions and commercial leases in the industrial and logistics sector. Having also spent nine years managing Warner’s £300 million Radial Fund, Jonathan oversaw all investment into the UK logistics property market. Most recently Jonathan worked for Mapeley Estates Ltd, where he headed a portfolio of 300 assets within the UK.

Christian Jamison, Chief Executive at Delin Capital Asset Management, added:

“As Delin Capital Asset Management maintains its commitment to expansion, it is essential that the strength and depth of our team grows with it. Andy and Jonathan are fantastic senior additions to our business, and their combined industry experience and knowledge will provide us with an invaluable insight and expertise in logistics and fund management, which we will look to leverage as we continue to grow.”

Delin Capital Acquires G-Star RAW Distribution Centre

In a Sale and Leaseback Transaction will be The Fund’s Second in The Port of Amsterdam.

Delin Capital Asset Management (‘DCAM’ or the ‘Company’), a Jersey registered real estate investment advisor and asset manager focussed on logistics assets in the UK, the Netherlands and Belgium, has acquired for its clients a high specification warehouse in the Port of Amsterdam through sale and leaseback transaction with G-Star Raw, the jeansretailer.

The 37,000 m² modern property, which was built by G-Star within the last two years, is used as the global e-commerce and fulfilment centre for G-Star Raw. It is let on a full repairing lease with an unexpired weighted average term of 11 years.

The transaction represents the second acquisition by DCAM in the Amsterdam port, following its purchase of Casablancaweg 8, a 107,000 m² multi let logistics asset in December 2014. With this latest purchase, DCAM’s total portfolio in the Netherlands extends close to 380,000 m² of prime modern logistics space making DCAM one of the most active investors in Benelux logistics market over the last few years. DCAM’s total European logistics portfolio now comprises some 550,000 m² with a value of close to EUR 0.5 bn.

DCAM financed the acquisition with a new 5 year term loan from ING Real Estate Finance who also financed the purchase of Casablancaweg 8.

Christian Jamison, Chief Executive Officer of DCAM commented:

“This, our second sale and leaseback transaction, provides us with access to a high quality asset with a strong covenant, As retail patterns continue to shift towards the e-commerce market, we believe we are strategically positioned to benefit from this growth, having invested in core, well located assets. We look to continue to build relationships with strong tenants, such as G-Star Raw, and the structure of this agreement is one we would like to continue to replicate across the logistics market.“ “Furthermore, as the fourth largest port in Europe, this transaction supports our strategy to grow the Fund through identifying key strategic hubs like the Port of Amsterdam, which will continue to attract tenants and investors.” DCAM was advised by JLL, CVO and CMS, Nauta advised ING and Houthoff and DTZ advised G-Star.

Delin Capital Secures 212,000 sqft Letting to The Range

Delin Capital Asset Management, (‘DCAM’ or the ‘Company’), a Jersey registered real estate investment advisor and asset manager focused on investments in logistics assets in the UK, the Netherlands and Belgium, announces the letting of its 212,000 sq ft distribution centre at Swift Valley Park in Rugby to The Range on a 10 year lease.

The vacant building was acquired by DCAM as part of a portfolio acquisition and was refurbished prior to completing the letting.

The Range is one of the UK’s fastest growing homeware retailers, operating from retail parks and online, and will use the unit as a new distribution centre to satisfy its online orders. Swift Valley Park is strategically located within the UK’s logistics ‘Golden Triangle’ formed by the M1, M6 and M69 motorways.

Commenting, Christian Jamison of DCAM said:

“This transaction demonstrates the strong occupational dynamics for good quality distribution space driven by the continued growth in on-line retail sales.”

NRS and DTRE acted on behalf of DCAM.

Delin Capital Kicks Off the New Year with €40 Million Off-market  Netherlands Purchase

Delin Capital Asset Management, (‘DCAM’ or the ‘Company’), a Jersey registered real estate investment advisor and asset manager focused on investments in logistics assets in the UK, the Netherlands and Belgium, has acquired a 44,142 m² modern, high specification distribution warehouse in Waddinxveen, the Netherlands, through a €40 million sale and leaseback transaction from Van Uden Group, a privately owned European logistics operator. The asset was acquired for DCAM’s Capital Preservation Portfolio I, (‘CPP I’ or the ‘Fund’), the Company’s inaugural core plus logistics fund. It is the seventh Dutch asset acquired by the Fund and takes CPP I’s total investment to over €400 million.

The 44,142 m² freehold distribution warehouse was built in 2011 and it is situated in the established strategic location of Distripark A12, in the municipality of Waddinxveen, well positioned to benefit from neighbouring Rotterdam, Europe’s largest port. Van Uden Group has taken a new ten year lease, without breaks, on the warehouse and will use it to satisfy multiple food and beverage contracts for its clients, which include Nestle.

Christian Jamison, Chief Executive Officer of DCAM commented:

“Once again, we are pleased to have been able to capitalise on our reputation as being a strong transaction partner to source another deal off-market. This is a high quality, well located, modern logistics asset, which will generate attractive income returns for our investors. Furthermore, having acquired the asset using our existing cash resources, we can leverage the investment later in the year, with a view to making further acquisitions in the European logistics market when we identify suitable opportunities.”

Delin Capital was advised by Jones Lang Lasalle and CMS Derks Star Busmann.