Dutch Small Box Distribution strategy

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Tight occupier market conditions
Since 2020 the average vacancy rate dropped from 4 to 1.8% and the strongest market report near 0% vacancy
Limited development pipeline
Given the constraints of a limited power grid supply, fluctuating energy prices, and stringent environmental regulations (including nitrogen, PFAS, and inner-city environmental zones), the development pipeline has weakened and especially new green-field developments have become virtually impossible, putting further (demand) pressure on the existing stock
Continuing rental growth
Due to the strong occupier demand rents have accelerated since 2021, in some markets with 40-50%. With the ongoing demand and lack of (future) supply, rents are expected to continue to increase, but at a more limited pace
Logistics price adjustments
Yields have been softening over the past 18 months due to rising interest rates and market uncertainty. Logistic capital values dropped as far as 35% compared to historical prime values. However, yields seem to be bottoming out and we expect investors to return during the course of 2024 attracted by the strong underlying fundamentals


This aggregation strategy taps into the strong fundamentals of the Dutch logistics market. There is a good opportunity to acquire small-box distribution assets (up to c. 15,000 sqm) against attractive pricing and with strong reversion (20-40%) reversion potential.

Dutch Small Box Distribution strategy


In the strategy we will acquire strategically located assets in key markets in the Randstad cities and in the top-tier logistics hotspots which are in high demand by occupiers. We are focussing on good quality assets (c. 5-15 years old) with short to medium term WALE and an angle to future proof the assets in terms of ESG and energy consumption to deliver a better product to the existing tenant or the market and create a coherent high-quality portfolio or platform. We are aiming for a total GAV of EUR 250-300M and low to mid 10’s IRR.

Key contacts

Gijs Vissers

+31 6 149 05 251

Pontus Flemme Gärdsell

P.FlemmeGardsell@cromwellpropertygroup.se +46 732 04 12 69

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