Capreon buys Rotterdam office buildings from Blackstone

Capreon, the property firm founded last year by the Noé group, has acquired the Lotus A&B buildings in Rotterdam from Blackstone in its second major European transaction.

Financial details were not disclosed, but Dutch land registry data reveal that Capreon paid €45 mln for the property.

The 17,300 m2 asset comprises two of the five Lotus complex buildings in Rotterdam’s Alexander district and is currently 86% let, with an estimated annual income of €4 mln. Capreon said it would also look to develop asset management opportunities on the site.

Raphael Noé, partner and head of European property, said: ‘This, along with identified asset management opportunities, is another step for Capreon in capitalising on the current dynamics within the European real estate market and specifically the Dutch office market.'

The Lotus A&B is one of a number of Dutch assets acquired by Blackstone between 2013 and 2015, when the Netherlands’ office market was bottoming out and opportunistic private equity investors entered the market. Other acquisitions from the same period include De Brug (Unilever office) in Rotterdam, Westgate in Riekerpolder Amsterdam (PwC HQ), Capgemini’s office in Utrecht Leidsche Rijn and DHVRoyalHaskoning’s HQ in Amersfoort.

Capreon was launched last August following the Noé Group’s split from BMO Real Estate Partners. The firm has more than £2 bn in assets under management, including retail, office space and warehousing.

Last year it acquired an office building in The Hague from German fund manager Union Investment and sold The Rylands Building in Manchester, which houses a Debenhams department store, to Germany family office AM Alpha for €99 mln.

Capreon were advised on the Rotterdam transaction by Knight Frank and CMS.


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