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.