Behringer Harvard, along with co-investment partner HCI Capital AG, has acquired a portfolio of seven office buildings located in Amsterdam, the Netherlands.
"This is our second acquisition in partnership with HCI and an outstanding opening investment for our new European platform alliance," said Robert M. Behringer, chairman and CEO of Behringer Harvard. "This portfolio will provide significant diversification for our investors and is a strong value-add investment in a prosperous economic region."
The suburban office properties were constructed from 1982 to the late 1990s and reflect a diverse mix of international, regional and local tenants.
Two properties in the portfolio, Tilburg and Hengelo, are 10% leased to International Flavors and Fragrances, manufacturers of Hugo Boss and Estée Lauder fragrances and PricewaterhouseCoopers, respectively. The other five properties are more than 86% leased and are located in various suburban submarkets around Amsterdam. The portfolio assets occupy locations with convenient access to major highways and rail stations.
On October 11, Behringer Harvard announced an investment alliance with Hamburg, Germany-based HCI Capital AG for co-invested acquisitions of up to €960 million ($1.3 billion) in European real estate. This alliance will focus primarily on short- and mid-term investments in the United Kingdom, the Netherlands and Germany with development, improvement or repositioning potential.
Source: Behringer Harvard