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LONDON-Ashtenne Holdings has paid logistics group Hays £8 million ($13 million) for a 550,000-sf wearehouse at Amersfoort near Utrecht in the Netherlands. The deal follows Ashtenne’s £28 million ($47 million) acquisition of the pan European Rexel portfolio earlier this year.

Ashtenne has purchased the vacant property in a joint venture which means that Hays will share in any profits if Ashtenne adds value to the property over the next five years.

Ian Watson, Joint Chief Executive of Ashtenne, said: “We are developing a track record of successfully working with corporate real estate owners to help them maximise the value of their property holdings in the context of their strategic business objectives. The property is a classic Ashtenne opportunity which offers good quality, flexible and economic space for occupiers as well as some interesting redevelopment opportunities in the longer term”.

Hays was represented by Clews & Co and DTZ.

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