A sale and leaseback deal has been closed by UPEKA for an office/industrial asset in Zoetermeer, near The Hague, marking the first transaction in the Benelux market following Catella's acquisition of a majority stake in France's Aquila Group last year. The investmentwas completed at a net initial yield of 7.8% on a seven-year lease.
Catella Investment Management Benelux (CIMB) acted as advisor for the transaction between the seller Midland and the French fund. Midland is an affiliate of audiovisual consultancy company NFGD Zoetermeer BV, which has occupied the property measuring 2,400m2 since the late 1990s. Axipit Real Estate Partners, the real estate fund management company of The Aquila Group, manages UPEKA.
Ralph Willems, Senior Acquisition Manager at CIMB, said: “The Zoetermeer transaction was executed in a very short timeframe, particularly for a new market entry by an investment fund – from exclusivity at the end of November to closing just before year end. We’re already seeing positive synergies emerging from the extension of Catella’s pan-European platform with the integration of The Aquila Group, following the UPEKA fund’s first investments outside France in Spain and now in the Benelux. CIMB is actively looking for more commercial real estate investment opportunities in all three Benelux markets for UPEKA and Catella’s French platform. These investments will typically be in offices, retail and/or (semi)industrial/logistic assets at ticket sizes in the EUR 1.5 million to EUR 15 million range and at higher ‘value-add’ yields compared with the typical EUR 20 million-plus transactions we’ve previously completed in the Benelux for Catella’s German institutional funds with their core to core-plus profiles.”
Prime Realty and AKD, tax and legal, together with PVM as technical consultants, also advised UPEKA on the Zoetemeer transaction. Spring Real Estate and KDLP acted for the seller.
Europe Real Estate — an overview of real estate developments in European countries.
Image provided by Bellier.
