CCP 5 LL, the core-plus perpetual fund advised by Tristan Capital Partners, has acquired an office portfolio in the Netherlands from German asset manager Commerz Real for c. €370m. The c.126,000m² portfolio comprises six high-quality office properties, located in established submarkets of Amsterdam (three properties) and Utrecht (three properties). All properties have good public transport connections and are located in office submarkets that are experiencing continuing improvement.
The portfolio’s largest asset is the Millennium Tower, a landmark building in the Sloterdijk business district of Amsterdam, located just 500 metres from the Sloterdijk inter-city railway station. The property comprises c. 42,000m² of high-quality space, divided over 23 floors, as well as 382 parking spaces. The second-largest asset in the Amsterdam area, Handelsplein is located a five-minute walk from the metro in the attractive city centre of Amstelveen. The property comprises three interconnected buildings with a total leasable floor area of c. 13,700m² and 568 parking spaces and offers residential development potential.
Other assets in the portfolio include Orion (a 11,100m² asset located in Hoofddorp, close to Schiphol Airport, Amsterdam and built in 1998), Avenue (a 16,500m² asset located in Utrecht city centre and built in 2000), Courtyard (a 35,700m² asset located in Papendorp, Utrecht and built in 2004) and Rijnzathe (a 6,700m² asset located in De Meern, Utrecht and built in 2003).
Kick Van der Wel, Director at Tristan Capital Partners, said: “The Netherlands has proven to be one of Europe’s most resilient economies, with Amsterdam and Utrecht as the country’s two best-performing office locations. The properties are located in established office submarkets benefitting from historically low vacancy rates, limited development pipelines and good growth prospects, with the respective municipalities planning to add more residential and amenity space.”
Jochem den Daas, Partner of Nexus Real Estate, added: “We are pleased to continue our partnership with Tristan with the acquisition of these well-positioned properties, which are located in some of the most attractive occupier markets in the Netherlands. As a result, we expect to benefit from long-term rental growth and reduction of vacancy levels but will also be actively pursuing asset management opportunities by renovating (forthcoming) vacancy into grade A office space and realising the asset management potential.”