VastNed Offices/Industrial has acquired two offices in Hoofddorp and
Rotterdam, the Netherlands, for €12.5 million, at an average net initial yield of 6.2%.
The property in Hoofddorp consists of 2,960 m² of office space with 61 parking spaces, and is leased for a remaining term of over five and a half years to Bentley Systems Europe. The rent, taking a realistic rent for the parking spaces into account, is at a level of approximately €155 per m². The acquisition price including purchase costs is €7.2 million, realising a net initial yield of 6.4%. The seller is a group of private investors.
In Rotterdam, VastNed Offices/Industrial expands in Brainpark I by acquiring the office property on Max Euwelaan 31-49. The property has a lettable floor area of 2,259 m², and 75 parking spaces, a parking ratio of 1:30. The property has several tenants, and a weighted contracted lease term of over two and a half years. The current rent, taking a realistic rent for the parking spaces into account, is approximately €130 per m². The acquisition price including purchase costs is €5.3 million, realising a net initial yield of 6.0%. The seller is White Estate Investments.
Hans Pars, chief investment officer of VastNed Offices/Industrial: These acquisitions are part of the 2006 investment programme, which aims to strengthen our position in liquid office markets with healthy prospects. Both properties are located in office locations that will be among the first to profit from a recovery of the office market, and where we can add value by active asset management. And last but not least, these investments will directly contribute to the result for our shareholders.