Investcorp’s European real estate business has moved into the Dutch market with the acquisition of a €52m office property in partnership with Netherlands-based property manager Proptimize.
Investcorp said the partnership has acquired the 23,000sqm The Mark building in Rotterdam from Cromwell Property Group and York Capital Management for an undisclosed sum.
The two-interconnected building, developed in 2008 and refurbished in 2016, is currently 85% leased.
Neil Hasson, managing director - head of Investcorp European real Estate, said: “We believe that Rotterdam is strongly positioned to benefit from the Netherlands’ strengthening economy and that now is the right time to enter this attractive growth market.
“With its strategic location, strong cash flows, diverse tenant base and a lack of quality office supply in the local market to meet the anticipated increasing demand, this property meets all of our investment criteria and offers additional upside potential.”
Hasson said Investcorp remains focused on identifying and acquiring attractive real estate assets in core-plus logistics and office markets across Europe that offer stable cash flows and upside potential.
Wouter Zwetsloot, head of Benelux at Cromwell Property Group, said: “This sale marks the culmination of our business strategy for the building and is a huge endorsement of our original decision to acquire and invest in the building.
”Since acquiring the building, we have completely transformed its profile and occupancy.”
Cromwell acquired the asset in 2015 on behalf of the Cromwell Netherlands Diversified Partnership.