Tristan's EPISO 4 pays €212m for Generali's Dutch property portfolio

Tristan Capital Partners has spent around €212m on a portfolio of Dutch property assets from Generali Real Estate.

The investment manager bought the portfolio for its value-add/opportunity European Property Investors Special Opportunities 4 (EPISO 4) fund.

The manager raised €1.5bn for the strategy, with 34 investors from the US, Europe and the Asia-Pacific backing the fund.

The deal is Tristan’s first in the Netherlands for a “number of years”, according to Ali Otmar, managing director of investments.

“We are intrigued by the improving macroeconomic fundamentals of the Dutch economy and the increasing strength of tenant demand in a number of key retail and office micro-locations across several Dutch markets,” he said. 

“Tristan also looks forward to potentially deploying additional capital into Dutch real estate in transactions that provide a balance of cashflow and opportunities to add value through active asset management.”   

Generali began looking for a buyer for the portfolio of 39 assets earlier this year

At the time, a spokesman for Generali told IP Real Estate the company was looking to “rationalise its presence” in the Netherlands and would re-invest sale proceeds in a limited number of strategic assets in major cities.

The 98,000sqm portfolio, 80% located in the Randstad, will be managed by Timeless Investments, which is co-investing.

The portfolio’s 21 retail properties include prime and trophy assets in Amsterdam high streets, including Leidsestraat and Kalverstraat, as well as in Utrecht’s Vredenburg. 

Ten office properties in Amsterdam and Utrecht, as well as 321 residential units, make up the portfolio.

Tristan said around 48% of the portfolio’s rental income originated from retail-led or pure retail properties, 33% from offices and 19% from residential units.  

The manager will look to redevelop some retail assets and improve rental income.

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