EPISO 4, the opportunity fund advised by Tristan Capital Partners, has acquired a Dutch office portfolio of 12 assets primarily located in Utrecht and Rotterdam from U.S. investor DW Partners and its operating partner Whitewood for around €118m. Two-thirds of the value of the deal is represented by two office assets in Utrecht, including an 80-metre landmark tower.
Completed in 2009, Herculesplein in eastern Utrecht has 25,618m² of office space spread over 22 floors and three lower buildings and benefits from strong public transport links. The 10 smaller properties in the portfolio, ranging from around 2,000 – 6,000m², are predominantly located in Rotterdam and include assets in Utrecht, Breda and Amsterdam. The assets will benefit from the rapidly improving office markets but also have value-add opportunities including development potential.
Ali Otmar, Deputy Head of Investments at Tristan Capital, said: “We saw a good opportunity to acquire a diversified portfolio with all but one of the assets located in the top four cities in the Netherlands. Our focus will mainly be on the two properties in Utrecht, investing in them to further establish them in the market and lease-up the remaining vacancy.”
