Episo 4, an opportunity fund advised by Tristan Capital Partners, has acquired a Dutch office portfolio of 12 assets primarily located in Utrecht and Rotterdam, for around €118 mln.
The package was bought from US investor DW Partners and its operating partner Whitewood.
Two-thirds of the value of the deal is represented by two office assets in Utrecht, including an 80-metre landmark tower. Completed in 2009, Herculesplein in eastern Utrecht has 25,618 m2 of office space spread over 22 floors and three lower buildings and benefits from strong public transport links.
The 10 smaller properties in the portfolio, ranging from around 2,000 – 6,000 m2, are predominantly located in Rotterdam and include assets in Utrecht, Breda and Amsterdam. The assets have value-add opportunities including development potential.
Ali Otmar, deputy head of investments at Tristan Capital, said: 'We saw a good opportunity to acquire a diversified portfolio with all but one of the assets located in the top four cities in the Netherlands. Our focus will mainly be on the two properties in Utrecht, investing in them to further establish them in the market and lease-up the remaining vacancy.'
Whitewood, which is already managing two office properties for Tristan, will stay on as local operating partner for the office portfolio.
The buyer was advised by Houthoff, PWC, Savills, Search and Stevens van Dijck. DW Partners and Whitewood were advised by AKD and PWC.