Patron Capital has acquired the 8,720m² office section of the De Westerlaantoren building, in the historical city centre of Rotterdam, in a joint venture with Rubens Capital Partners (RCP). The purchase price was not disclosed.
Located in the Scheepsvaartkwartier, adjacent to the park and with a view over the River Maas, the 11-storey office asset is situated within the 19-storey prominent landmark, which also offers high-end privately owned apartments on the upper floors, has an energy A rating and offers 230 parking spaces in the underground parking garage. The area is commonly known as one of the most prestigious business and residential districts in Rotterdam.
The office building is 44% let and Patron Capital and RCP have already identified a range of asset management initiatives to drive value and occupancy, including a CAPEX programme to upgrade the building and its amenities.
Julian Rosenberg, Principal at Patron Capital, said: “This transaction was a compelling opportunity to acquire a well-located asset with significant upside potential, and we look forward to working with RCP to realise our strategy for this asset. The Netherlands has proved robust throughout the challenges of the pandemic, with low levels of vacant high-quality office space set to drive demand in the future, and it is an exciting growth market where we see significant opportunities for Patron’s strategy across a range of sectors, including offices and residential, in the coming years.”
