Remake Asset Management (Remake) has completed via a sale and leaseback, the acquisition of Royal Sens’ Rotterdam headquarters. The office and manufacturing site is fully let to the Dutch packaging company, with a 15-year lease term agreed as part of the deal.
The asset comprises 11,520m2 of office, production and warehouse space, which has been under the ownership of Royal Sens since 1923. The acquisition fits with Remake’s strategy to diversify its portfolio and provide its investors with secure, long-term, high-yielding income streams.
Richard Stewart, Partner in Knight Frank’s European Capital Markets Team, said: “A combination of softening yields, debt costs and current market conditions mean that many investors are still monitoring the market from the sidelines. This has created the opportunity to source some really interesting product for Remake across Europe. The current environment of illiquidity, high debt costs and uncertainty has resulted in some very attractive yields for long-income opportunities, which fit very well with their strategy. The SCPI has offered one of the most attractive distribution yields amongst its competitors in 2023.”
Knight Frank I NL real estate advised Remake, while Cushman & Wakefield acted on behalf of Royal Sens.
Image provided by FTI Consulting.
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