New York-based investment fund HighBrook Investors, acting on behalf of a separate account client, has closed the purchase of Le Mirage, an iconic multi-let office building in Utrecht, from Patrizia's Rockspring Property Investment Managers for an undisclosed amount.
Developed in 2008, the property was designed by architect Kohn Pedersen Fox and comprises 18,500 m2 of high-quality office space across 21 floors.
Rockspring bougt the property in June 2015 and subsequently increased its occupancy rate with the signing of nine new leases.
Laurien van Wieringen, head of asset management in Benelux for Rockspring, commented: 'Our achievements in swiftly re-positioning this underperforming office asset, by applying proactive local asset management to successfully boost occupancy, NOI (net operating income ed.) and value for our client, is reflected in our ability to dispose of the asset into a strengthened market well ahead of our initial schedule.'
He added: 'We believe this is the perfect time for us to crystallise returns for our client, during a period when the office markets in major Dutch cities outside of Amsterdam are continuing to experience strong growth in occupier demand.'
Rockspring was advised by CBRE, Loyens Loeff, and KPMG.