Tristan Capital Partners has acquired a 16,940sqm office in the Netherlands for its core-plus fund.
The manager said the CCP 5 fund, together with its local operating partner Nexus Real Estate, has acquired The Core office asset in Rotterdam for an undisclosed sum.
The Core – which was originally known as The Weena Building – dating back to 1968, was partly refurbished last year.
Kick Van der Wel, director at Tristan Capital Partners, said: “The strength of Rotterdam’s underlying local economy is feeding through into stronger office occupier market dynamics at a time when there has been a steep reduction in supply of office stock.
“Older and obsolete space is being withdrawn from the market to be converted to other uses and the pipeline of new developments remains limited. As a result, the office vacancy rate in Rotterdam has fallen sharply over the past couple of years, putting upwards pressure on prime rents.”
Jochem den Daas, partner of Nexus Real Estate, said: “We particularly like the strategic location in the Rotterdam city centre in combination with the quality design offering attractive floor areas.
“The property is well-positioned to benefit from the favourable market dynamics and offers a strong basis for us to add value.”
The latest deal marks Tristan’s third acquisition with Nexus Real Estate in the past three years.