Propertyeu.info | NO. 5 – June 2016

dutch-project

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.