The sale of this asset marks the conclusion of the two partners' acquisition of the Dutch Generali portfolio six years ago. The recently redeveloped property is set across five floors, with the first three floors consisting of approximately 610 m2 of retail space. The subsequent two additional floors comprise contemporary, high-end residential units.

The Generali portfolio, acquired in September 2015, included 31 office, retail and mixed-use assets and over 300 residential units located across the Netherlands. The properties have been sold separately, following the completion of individual asset management initiatives, for a total value of €290 mln.

'The acquisition of the Generali portfolio came at an opportune time for the Fund,' said Gyongyver Giday, director, portfolio & asset management at Tristan. 'Over the past six years we have successfully executed a break-up strategy, enhancing individual asset performance and identifying numerous value-add opportunities for the Fund’s investors to drive performance, including re-gearing leases, leasing-up vacancy and refurbishing or redeveloping assets such as Leidsestraat. We have continued to see the macroeconomic fundamentals in the Netherlands strengthen since 2015. With tenant demand also strengthening in a number of key Dutch micro-locations for all asset classes, the buoyant Dutch market continues to appeal to institutional investors and it remains a key market for us.'

Tristan Capital Partners and Timeless Investments were commercially advised by Brickstone and CBRE and legally by Houthoff on the sale of the Leidsestraat asset.