Global alternative investments manager Investcorp has acquired a prime waterfront office building in Rotterdam from Cromwell Property Group and York Capital Management for €52 mln.
Dubbed The Mark, the asset on Fascinatio Boulevard comprises 22,795 m2 of space, and was acquired alongside co-investor and asset manager Proptimize. The 13-storey building has 13 occupiers occupying units ranging from 850 m2 to 3,000 m2.
Wouter Zwetsloot, head of Benelux at Cromwell Property Group, said: 'This sale marks the culmination of our business strategy for the building and is a huge endorsement of our original decision to acquire and invest in the building. Since acquiring the building, we have completely transformed its profile and occupancy.'
The asset was acquired in 2015 on behalf of the Cromwell Netherlands Diversified Partnership (CNDP).
Since acquiring the building, Cromwell and York have completed a series of asset management initiatives, starting with a complete re-branding of the building and followed by a comprehensive refurbishment of the general spaces including an upgraded reception area with a new coffee bar, a gym and a meeting centre.
The team said it had been able to increase occupancy to 85% as a result of these initiatives. New lettings have included Maersk/Damco, Baker Tilly and Schreuder Verzekert, while renewals have been signed with Pointlogic Development, Willis Towers Watson and Refresco.
De Mik Bedrijfshuisvesting and Van Doorne advised Cromwell and York.
Investcorp/Proptimize were advised by Savills, PwC, Paragon and NautaDutilh.