Tel Aviv-listed Aspen Group has joined forces with a number of other Israeli institutional parties to acquire eight office buildings in the Netherlands for €115 mln.
The vendors are Dutch asset manager APF and US group Ares Management.
The assets were once part of the Traction portfolio, which was acquired by Ares from Germany's Triuva in 2015. The portfolio originally comprised 30 assets in the UK, Finland, Spain, Belgium, France and the Netherlands.
Ares subsequently signed a partnership with APF to manage the Dutch portion of the portfolio. The landlords managed to restore the assets to their core status by renewing leases, reducing the vacancy and carrying out physical improvements to the buildings.
The package currently provides 63,000 m2 of total lettable floor area and generates €9.5 mln in annual rental income with an occupancy rate of 99%.
The assets are situated in the Randstad area of the Netherlands, on the Zekeringstraat 27-35 in Amsterdam, Laan van Langerhuize 9 in Amstelveen, Waldorpstraat 41 in The Hague, Laarderhoogtweg 7-19 in Amsterdam, Zonnebaan 35 in Utrecht, Louis Braillelaan 6-24 in Zoetermeer, Watermanweg 90-120 in Rotterdam and Gooimeer 6 in Naarden.
APF and Ares were advised by NL Real Estate/Knight Frank and PwC. CMS represented the buyers.
