Tristan fund snaps up prime office in Rotterdam

Core-plus fund CCP 5 LL, advised by Tristan Capital Partners with its local operating partner Nexus Real Estate, has acquired a prime office in Rotterdam in the Netherlands.

According to the Dutch Land Registry, the deal closed at €87 mln.

Dubbed The Core, the property is situated in Rotterdam’s central business district and comprises some 16,940 m2 of office space across 10 floors, and a 478-space parking garage across four floors operated by Q-Park on a long lease.

Kick Van der Wel, director at Tristan Capital Partners, said: 'The strength of Rotterdam’s underlying local economy is feeding through into stronger office occupier market dynamics at a time when there has been a steep reduction in supply of office stock.

'Older and obsolete space is being withdrawn from the market to be converted to other uses and the pipeline of new developments remains limited. As a result, the office vacancy rate in Rotterdam has fallen sharply over the past couple of years, putting upwards pressure on prime rents.'

Originally known as The Weena Building, the property dates back to 1968 and was designed by architect Huig Maaskant. In 2019, part of the building was refurbished.

The deal marks Tristan’s third acquisition with Nexus Real Estate in the past three years. In November 2019, CCP 5 LL acquired an office portfolio of six office properties comprising 126,000 m2 located in Amsterdam and Utrecht from German asset manager Commerz Real with Nexus Real Estate acting as local operating partner.

CCP 5 LL was advised by Loyens & Loeff (legal), Stevens van Dijck (technical), PWC (tax) and De Mik (commercial). The seller was advised by CBRE (commercial), Clifford Chance (legal) and EY (tax).

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