Tristan Capital pays €370m for six offices in the Netherlands

Tristan Capital Partners has acquired an office portfolio in the Netherlands for around €370 mln.

The vendor in the transaction was German asset manager Commerz Real. The purchase was made on behalf of Tristan’s CCP 5 LL fund, a core-plus perpetual fund.

Comprising a total of 126,000 m2, with 5,900 m2 of archive space and 2,677 car parking spaces, the portfolio is made up of six high-quality office properties equally divided between the established submarkets of Amsterdam and Utrecht.

The largest asset is the Millennium Tower, a landmark building in the Sloterdijk business district of Amsterdam, located very near to the local inter-city railway station. It measures 42,000 m2 across 23 floors, with 382 parking spaces.

The second largest asset in Amsterdam is Handelsplein, located a five-minute walk from the metro in the attractive surburban neighbourhood of Amstelveen. It comprises three interconnected buildings with a total leasable floor area of 13,700 m2 and 568 parking spaces, with potential for residential development.

All properties have good public transport connections and are located in regional office markets experiencing continuing improvement.

Kick van der Wel, director at Tristan Capital Partners, said: ‘The Netherlands has proven to be one of Europe’s most resilient economies, with Amsterdam and Utrecht as the country’s two best-performing office locations.

'The properties are located in established office submarkets benefitting from historically low vacancy rates, limited development pipelines and good growth prospects, with the respective municipalities planning to add more residential and amenity space.’

Welcoming the sale, Martijn Houwen, head of real estate markets Benelux at Commerz Real, said: 'After several years in our portfolio the buildings have been successfully repositioned during the past months and reached a level of maturity, where we have now utilised the market momentum to complete a profitable sale.'

Commerz Real was advised on the transaction by NL Real Estate - Knight Frank (commercial aspects), Houthoff (legal matters), Traject (technical advisory) and PWC (tax).

The CCP 5 LL fund is to collaborate with operating partner Nexus Real Estate, with whom it already works closely on a portfolio of eight offices in Amsterdam, which CCP 5 LL acquired in 2017.

Jochem den Daas, partner of Nexus Real Estate, added: ‘We are pleased to continue our partnership with Tristan with the acquisition of these well-positioned properties, which are located in some of the most attractive occupier markets in the Netherlands.

‘As a result, we expect to benefit from long-term rental growth and reduction of vacancy levels but will also be actively pursuing asset management opportunities by renovating upcoming vacancies into grade A office space and realising the asset management potential.’



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