US sale-and-leaseback specialist WP Carey has acquired an office building in the central Dutch city of Utrecht for €47.6 mln.
US sale-and-leaseback specialist WP Carey has acquired an office building in the central Dutch city of Utrecht for €47.6 mln.
The 14,400 m2 property was acquired through CPA 18 – Global, one of WP Carey’s non-traded REITs, from Dutch asset and investment manager PingProperties.
German lender Berlin Hyp provided financing of €27.5 mln for the acquisition.
The Jacobsweerd building is majority leased to four public-sector agencies: the government’s real estate agency, the Dutch chamber of commerce, the bureau for information on labour and income and the information bureau.
The property was built in 1987 and completely renovated in 2002. Additional work was carried out in 2011 and 2014, raising the asset’s environmental performance so that the majority of it now carries an ‘A’ energy rating.
The building comprises six storeys and contains 203 underground parking spaces.
WP Carey did not disclose the yield for the transaction. The average prime office yield for Utrecht stands at 5.95%, according to CBRE's EMEA Rents and Yields Marketview report for Q2 2015.
Commenting on the deal, Jason Fox, WP Carey's head of global investments, said: ‘This investment reinforces our role as a capital source for European companies, developers and investors looking to recycle capital into new investments, underlining the strength of our capabilities in the European property market.’
