Highbrook sells industrial assets out of €615m Mesdag Delta portfolio

HighBrook Investors has completed the sale of 17 industrial properties part of the €615 mln Mesdag Delta portflio it acquired earlier this week to Urban Industrial for an undisclosed amount.


The portfolio, totalling 167,000 m2, is primarily located in Amsterdam and comprises a mix of warehouses and light industrial assets, including the 80,000 m2 Amstel Gateway complex in Amsterdam Zuidoost.

HighBrook said that the sale is 'in line with the proactive asset management strategy developed by HighBrook Investors and Breevast for the Mesdag Delta Portfolio'.

Urban Industrial acquired the properties with a long-term focus an debt finance from ING.

BNP Paribas Real Estate, DLA Piper and Houthoff acted as advisors to Urban Industrial. HighBrook Investors has been advised by Breevast and Loyens & Loeff.

Mesdag Delta

Highbrook said earlier this week that it had completed the recapitalisation and acquisition of the €615 mln Dutch Mesdag Delta portfolio in an off-market transaction with landlord Breevast.

The deal means Breevast has repaid the remaining debt tied up in the Mesdag Delta CMBS, averting foreclosure on Breevast's 56-property strong Dutch portfolio.

The portfolio consisted of 56 assets spread throughout the Netherlands totalling 456,000 m2. It included 18 office buildings, 16 industrial properties, nine shopping centres, six high street stores, a hotel, two residential properties and a plot of land. Over 50% of the portfolio is located in Amsterdam and nearly 70% is located within the greater Randstad area. The portfolio is said to have an occupancy rate of 77% with annual rents of €41 mln.


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