Cromwell Property Group has sold three office buildings in the Netherlands from the Equinox portfolio, which it manages in a joint venture with Angelo Gordon.
The first asset, Oostplein 410 in Rotterdam, is a 4,203 m², a seven-storey office building located in the centre of the city, opposite the Rotterdam Oostplein metro station. Since acquiring the building in 2014, Cromwell has signed several new leases and reduced vacancy by around 50%.
The second property is a 4,217 m² four-storey office building at 35 Wegalaan in Hoofddorp. As part of the business plan for the asset, Cromwell completed a number of initiatives including a refurbishment of the entrance, which facilitated the renewal of several leases and reduced vacancy. Current tenants include Chubb Insurance, Mieloo & Alexander and JE Consultancy.
The third asset is a 2,333 m² three-storey office building in Zeist. The building is home to three tenants including the housing corporation, De Seyster Veste.
Wouter Zwetsloot, Head of Benelux for Cromwell Property Group in Europe, commented: “Since acquiring these properties as part of the Equinox portfolio in 2014, our asset management team has been working hard to complete the business plan for the assets, which was primarily focused on the existing tenants, letting vacant space and repositioning the buildings to improve income and capital values. Having successfully completed the sale of these three assets, we will continue to focus our efforts on the four remaining buildings in the portfolio.”
In Benelux, Cromwell Property Group manages €975m of assets across 11 mandates. In total, the portfolio comprises 642,660 m² of lettable space in 67 assets occupied by 549 tenants.
