Redept assisted FedEx as party expert in a market rent review for this cross-dock facility at the Hessenpoort business park in Zwolle.
Redept assisted FedEx as party expert in a market rent review for this cross-dock facility at the Hessenpoort business park in Zwolle. Exceptional in this case was the lack of reference transactions for comparable cross-dock locations.
The FedEx rental agreement provided the option for the parties to request a market rent review. In view of the upward developments in the logistic real estate market in recent years, the landlord made use of this. Redept was appointed by FedEx as expert to determine the market rent with CBRE as the expert on behalf of the landlord and JLL as the independent third party expert. Complicating factor in this instance was the fact that the property is a specific cross-dock facility where few current reference transactions were available. Nevertheless, Redept presented and substantiated sufficiently valid arguments to arrive at a rent that was lower than that which was demanded by the landlord.
FedEx Corporation is the world’s largest express transportation company. The European headquarters of FedEx Express is located in Hoofddorp. The company has a global air and road network that enables fast delivery of time-sensitive shipments to more than 220 countries and territories. FedEx flies through 650 airports with more than 670 of its own aircraft. FedEx has more than 570,000 employees worldwide and annual revenues of $79 billion.
