A planned foreclosure sale of Breevast’s Dutch portfolio has been called off after the Amsterdam-based property firm agreed to sell the assets to HighBrook Investors.
HighBrook said it has acquired the Mesdag Delta portfolio, made up of 56 assets spread throughout the Netherlands totalling 456,000sqm, in an off-market deal through a partnership with Breevast to structure a portfolio recapitalisation.
As a result of the transaction, Breevast has now repaid the existing €615m loan in full and the auctioning on 15 May will not take place.
HighBrook said Breevast will retain full responsibility for the property, asset and development management of the portfolio.
The New York-based real estate investor said together with Breevast, it has drawn up a value-add asset management strategy and business plan for the portfolio.
HighBrook said it has sold an industrial property portfolio in Amsterdam to long-term investor Urban Industrial for an undisclosed sum.
The disposal marks the first sale as part of the proactive asset management strategy for the Mesdag Delta portfolio, HighBrook said.
The acquisition represents HighBrook’s 12th investment in the Dutch market within the last 18 months.
Earlier this month, HighBrook also acquired the Le Mirage office building in the Netherlands from Rockspring Property Investment Managers.