INTERNOS Global Investors Limited (“INTERNOS”), the €4 billion owner-managed real estate fund management firm, announced the sale of nine industrial assets in the Netherlands for a total consideration of €43.1 million to MBay Netherlands B.V., which is managed by M7 Real Estate Limited.
The nine assets were part of the Benelux Industrial Partnership portfolio (“BIP”) which originally comprised 36 light industrial assets located across the Netherlands and Germany. At its largest the portfolio totalled 376,500 m² with over 300 occupiers.
INTERNOS took over the management of BIP in December 2009 and is currently managing an exit of the portfolio in both the Netherlands and Germany.
INTERNOS now manages €347 million of assets across the Netherlands on behalf of three clients.
Commenting on the disposals, Hugo van der Goes, managing director at INTERNOS, Amsterdam, said: “These disposals are in line with our exit strategy for the BIP portfolio and follow the successful completion of our business plan for each of the assets. These sales further demonstrate the importance of on-the-ground asset management expertise in creating value in properties that have been historically under-managed.”
Allen & Overy LLP advised INTERNOS on these transactions and Boekel De Nerée N.V. advised MBay Netherlands B.V.