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Clarion Gramercy completes 17,000 sqm warehouse letting to Picnic

Clarion Gramercy has agreed a 17,000 sqm letting with Picnic, one of Europe’s fastest growing online supermarkets, at its recently completed prime warehouse development on the Lage Weide logistics park in Utrecht.

Clarion Gramercy forward funded the development of the property in early 2019, on behalf of its comingled funds, with practical completion in December last year. The finished property features 12.2 metre clear heights, 50kN/ sqm floor loading capacity, LED lighting and a BREEAM Very Good certification, along with 101 car parking spaces.

Picnic currently services over 100,000 customers across the Netherlands and has experienced a period of above average demand in recent months, as consumer demand for online grocery delivery has increased as a result of the Europe wide lockdown. The warehouse represents its seventh fulfilment centre in the Netherlands.

Alistair Calvert, CEO of Clarion Gramercy, commented: “This is a significant asset management achievement, and again demonstrates our ability to bring a range of products to the market, across the risk spectrum. This is a prime asset let on a long lease, which makes it a truly core investment product, in line with our current strategy.

“Whilst we expect to see a period of significant volatility across the European real estate markets during the rest of the year as a result of the COVID-19 pandemic, the growth in online shopping has increased significantly, supporting the operations of many of our tenants. Picnic is just one example of a business that is benefiting from the acceleration of the structural trends that are underpinning the growth of e-commerce, with demand within the grocery sector being particularly strong.”

Picnic added: “This latest addition to our distribution network will help facilitate the growth of our business. Due to its location and quality, the warehouse is ideally suited to support our growing European footprint, and we are very pleased to be able to secure the asset so soon after its completion.”

Clarion Gramercy was advised commercially by JLL and legally by Houthoff. Savills advised on the acquisition. Picnic was advised by De Mik Bedrijfshuisvesting.