Aviva Investors, acting on behalf of the Continental European Long Lease Strategy Fund (CELLS), has acquired an innovation centre comprising research and office premises within the Utrecht Science Park, the Netherlands. The seller is Hanover Leasing, part of the Corestate Capital Group. The purchase price was not disclosed.
The centre, which has a total rentable area of approximately 18,000m², is fully rented to Nutricia Research, wholly owned by Danone. The asset is a high-quality, energy-efficient office building that was constructed in 2013, with a BREEAM Excellent rating.
Matthias Hubner, Fund Manager Long Income Europe, Aviva Investors, said: “The Danone Innovation Centre is a trophy asset that fits perfectly into the investment profile for CELLS, offering long-term, secured cash flows for our investors. We have now invested more than 90% of the fund’s available commitments, which demonstrates that we can consistently deliver on this CELLS strategy and invest our clients’ funds promptly and in accordance with the agreed investment guidelines. We continue to see strong interest from potential investors across Europe in CELLS based on our strong pipeline of selective European long-income transactions.”
Daniel Lienhard, Head of Transactions, Aviva Investors Frankfurt, said: “This is the third investment by CELLS and follows our investment in an educational centre in Kristiansand, Norway, earlier this year. The asset generates a stable income that is 100% index-linked to CPI and has a WAULT marginally below 15 years with an expiry in 2033. The Netherlands is a target market for the fund for secure long-income assets. Our local network allows us to source and quickly execute attractive transactions on and off-market in this region.”
