E&G Parkhausfonds Europa has bought a parking garage in the Netherlands from a core-plus fund managed by Tristan Capital Partners.
Tristan’s Curzon Capital Partners 5 fund, together with its local operating partner Nexus Real Estate, has sold the 480 parking spaces in Rotterdam for €46.1m.
Tristan said the parking garage was bought from Credit Suisse in December last year together with The Core office building.
Gyongyver Giday, director at Tristan Capital Partners, said: “Successfully completing this transaction as we emerge from lockdown is a positive sign that momentum is returning to the Dutch market.”
Giday said the sale of the parking site allows Tristan to focus now on the 16,000sqm office space that The Core offers in central Rotterdam and “our first priority will be refurbishing common areas to improve the look and feel of the building.”
Jochem den Daas, partner of Nexus Real Estate, said: “The Core was repositioned a few years ago but there is more to do in cooperation with the local authorities in a post-COVID-19 environment to lease-up the remaining vacant space and enhance the value of the building.”
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