New York-based Time Equities has acquired 12 single and multi-tenant office assets throughout the Netherlands for €32m, spanning 43,929m² in total. The announcement comes on the heels of the international firm’s 50th anniversary.
“As Time Equities Inc. continues to strategically acquire properties that reflect favorable economic conditions and align with our business objectives to date, we have identified the value presented by Europe’s evolving real estate market. Considering the country’s consistent rate of public and private sector growth since 2008, the Netherlands offers a worthwhile opportunity to expand our international footprint,” said Francis Greenburger, founder and CEO of TEI. “We’re proud to have made it to our 50th anniversary and we’re looking forward to capitalizing on opportunities to continue our stabilized and consistent growth across the globe. Our portfolio in the Netherlands provides an ideal value-add opportunity, as it stands at a 70 percent occupancy rate. With the successful collaboration between our partners, we aim to reach full occupancy across all properties.”
TEI’s DAF portfolio, currently the firm’s largest collection of acquisitions in the region, comprises seven fully leased single-tenant and four multi-tenant assets, including:
- Damsluisweg 1, located in Almere, is currently leased by a single tenant and spans 3,333 m2. The parcel also offers a small warehouse component measuring 1,540m2
- Flemingweg 18, located in Alphen a/d Jijn, is a single-tenant building at full occupancy. The site is 4,011m2 in total plus a small warehouse component of 1,222m2
- Lengendijk 34, located in Bedra, is a fully occupied, single-tenant building and spans 2,031m2.
- Ligusterbaan 2, a single-tenant building located in Capelle a/d Ijssel, is fully leased and spans 1,372m2
- Luchthavenweg 54, located in Eindhoven, is a multi-tenant building that is currently 57% leased. The site spans 4,817m2 in total
- Prof. Eijkmanlaan 2-4, an occupied single-tenant building, is located in Haarlem and measures 1,152m2
- Hoofdweg 640 and Jupiterstraat 42 are both multi-tenant assets located in the town of Hoofddorp. At 3,319m2, Hoofdweg 640 is currently 100% leased. At 3,488m2, Jupiterstraat 42 is currently open for leasing to potential tenants
- Einsteinweg 12-22 is a fully occupied single-tenant, 4,650m2 building located in Ijsselstein
- Nevelgaarde 20-35, located in Nieuwegein, is multi-tenant building spanning 4,891m2. The site is currently open for leasing
- Spoorlaan 446-448, located in Tilburg, is a fully-occupied multi-tenant building spanning 2,611m2
Aaron Medeiros and Jonathan Dulberg represented Time Equities on the acquisition of the eleven-building portfolio. Cushman & Wakefield represented the seller Dutch Active Fund PropCo B.V.
In addition, TEI acquired Daalsesingel 51-71, an office building located at 3511 SW Utrecht, situated alongside Utrecht Central Station. Purchased for €11m from ABN AMRO Bank N.V., Medeiros and Dulburg represented the acquisition on behalf of TEI.
Through the acquiring of well-positioned properties in areas that demonstrate stability and a strong customer base, TEI continues to strengthen its international commercial, office and residential portfolio, which currently spans 27 states across the United States, Canada and Europe.