Bayside Capital has acquired a portfolio of six office buildings and a shopping centre in the Netherlands from IVG Institutional Funds for €70 mln.
Bayside Capital has acquired a portfolio of six office buildings and a shopping centre in the Netherlands from IVG Institutional Funds for €70 mln.
The acquisition was carried out in joint venture with UniforeDMC Asset Management, a partnership of asset manager Unifore Real Estate and fund manager DMC Capital.
UniforeDMC Asset Management arranged €50 mln financing, which was raised by ING Real Estate Finance and ING Investment Management, acting on behalf of insurance Group Nationale Nederlanden.
The package, providing around 52,000 m2 of lettable, comprises the Riva building in Den Bosch, Holland Office Center in Hoofddorp, Brandweer (Karspeldreef) in Amsterdam, the Gemini tower in Capelle aan den IJssel, Bahialaan 200 in Rotterdam en Armada (Gooimeer 11) in Naarden as well as the Hof van Gelderland shopping centre in Ede.
The assets have an average vacancy rate of between 15 and 20%.
The acquisition is the first office deal in the Netherlands by Bayside Capital, a unit of US private equity investor H.I.G. Capital. The company has already been active in the market with the €44 mln purchase of a logistics portfolio and said it plans to make more acquisitions in the country with a focus on distressed and value-add transactions.
Verwey Vastgoed will carry out property management. Savills advised the buyer while the vendor was advised by DTZ Zadelhoff.