In late 2022, Hines advised its Hines European Core Fund (HECF) on the acquisition of six fully occupied logistics assets in the Randstad area in Aalsmeer, Honselersdijk and Rijnsburg in The Netherlands.
The business parks, on which the assets are located, are majority owned and managed by Royal FloraHolland (RFH), the world’s largest floricultural marketplace and a major contributor to The Netherlands’ world-renowned role within the flower industry. In 2021, the value of The Netherlands’ flower and plant import and export market reached €7.3 billion, with a further €865 million of flowers imported and distributed through business parks such as those operated by RFH (data correct as of 30.09.2022).
The acquired buildings, spanning 92,000 square meters, are fully leased to six occupiers operating within The Netherlands’ floricultural trade market, each on a long-term lease. The properties are in the heart of the densely populated Randstad area, the economic heartland of The Netherlands, which accounts for a significant proportion of the country’s GDP and has a population of over 8.4 million. The assets are clustered near the three major Dutch flower auction sites, giving occupiers excellent access to high concentrations of wholesale and retail flower vendors and purchasers.