Tristan’s CCP 5 long-life core-plus fund has purchased two mixed-use hotel and office buildings in Amsterdam from DW Partners.
Financial details were not disclosed.
Ali Otmar, senior partner and deputy head of investments at Tristan Capital Partners, said: ‘The fund is attracted by the fundamentals of the Dutch economy, and the opportunity to realise value by capitalising on the constrained supply of new office stock in Amsterdam.’
‘Both assets are office buildings partly converted into hotel space. They will provide stable cash flows through long hotel leases and offer considerable potential for value creation by stabilising the office spaces’, explained Otmar.
The first asset, next to the Amsterdam Sloterdijk train station, comprises 15,500 m2 mostly intended for hotel accommodation.
The second building is a four-storey 13,800 m2 hotel and office property located in close proximity to the Amsterdam Lelylaan station.