Canada's Dream Global REIT, the Europe-focused industrial and office investor, has acquired an office building in Amsterdam from EPISO 4, an opportunistic real estate fund advised by Tristan Capital Partners.
Financial details were not disclosed.
The 10,412 m2 office building in the Sloterdijk district was jointly owned by EPISO 4 and Timeless Investments, the asset manager for this deal.
'Since we acquired this asset in 2016, vacancy rates have fallen sharply and rents have risen, supported by the exceptionally high take-up of office space,' said Jean-Philippe Blangy, senior partner, head of asset management at Tristan Capital Partners.
'In recent years, the district has transformed into a more attractive mixed-use area with increased residential, hotel and entertainment options complementing its excellent transport connections. Along with the active asset management programme we implemented, this market upturn has allowed Tristan to significantly outperform its business plan targets for the investment at exit,' Blangy added.
The modern five-storey office building at Transformatorweg 38 – 72 was constructed in 2005 with 178 parking spaces and is close to the major Sloterdijk railway and metro station. The sole tenant is the Dell computer company, occupying around 70% of the building, with the rest of the space currently vacant.
The asset was marketed by Van Gool Elburg Vastgoedspecialisten on behalf of the EPISO 4 Fund.