Tristan Capital Partners has acquired a €370m office portfolio in the Netherlands from German asset manager Commerz Real.
The manager said it bought the 126,000sqm portfolio of six office properties on behalf of its core-plus perpetual fund CCP 5 LL.
The assets include the 42,000sqm Millennium Tower in the Sloterdijk business district, a 13,700sqm three interconnected Handelsplein building and the 11,100sqm Orion building in Hoofddorp all located in Amsterdam.
The other three assets, located in Utrecht, are the 16,500sqm Avenue building, the 35,700sqm Courtyard asset and the 6,700sqm Rijnzathe building.
Kick Van der Wel, Director at Tristan Capital Partners, said: “The Netherlands has proven to be one of Europe’s most resilient economies, with Amsterdam and Utrecht as the country’s two best-performing office locations.
“The properties are located in established office submarkets benefitting from historically low vacancy rates, limited development pipelines and good growth prospects, with the respective municipalities planning to add more residential and amenity space.”
Tristan said CCP 5 LL will work together with operating partner Nexus Real Estate, with whom the fund is already working with on a portfolio of eight offices in Amsterdam which CCP 5 LL acquired in 2017.
Jochem den Daas, partner of Nexus Real Estate, said: “We are pleased to continue our partnership with Tristan with the acquisition of these well-positioned properties, which are located in some of the most attractive occupier markets in the Netherlands.
“As a result, we expect to benefit from long-term rental growth and reduction of vacancy levels but will also be actively pursuing asset management opportunities by renovating (forthcoming) vacancy into grade A office space and realising the asset management potential.”