EPISO 4, an opportunistic real estate fund advised by Tristan Capital Partners, has sold a 10,412m² office building in the Sloterdijk district of Amsterdam to Dream Global. Timeless Investments acted as the joint investment partner and asset manager for this deal. The purchase price was not disclosed.
The modern high-quality five-storey office building at Transformatorweg 38 – 72 was constructed in 2005 with 178 parking spaces and is close to the major Sloterdijk railway and metro station. The sole tenant is the Dell computer company, occupying around 70% of the building, with the rest of the space currently vacant.
Jean-Philippe Blangy, Senior Partner, Head of Asset Management at Tristan Capital Partners, said: “Sloterdijk is a popular office location in the north-western part of Amsterdam, providing great accessibility by car and public transport. Since we acquired this asset in 2016, vacancy rates have fallen sharply and rents have risen, supported by the exceptionally high take-up of office space. In recent years, the district has transformed into a more attractive mixed-use area with increased residential, hotel and entertainment options complementing its excellent transport connections. Along with the active asset management programme we implemented, this market upturn has allowed Tristan to significantly outperform its business plan targets for the investment at the exit.”