Cording Real Estate Group and pan-European investment company, Warburg-HIH Invest Real Estate, have acquired two office properties in the Dutch city of Utrecht for their Benelux Commercial Real Estate Fund.
Cording, a European real estate investment and asset management firm concentrating on Germany, the UK and the Benelux countries, will be responsible for the asset management of both properties.
The financial details of the transaction were not disclosed.
The assets are the Molenburg on Nieuwekade and an office building on the Fentener van Vlissingenkade. Both benefit from attractive locations in the central business district of Utrecht.
Molenburg, constructed in 1989, provides a total lettable area of around 5,200 m2 over five storeys. There are 86 car parking spaces in the two basement levels.
Providing around 3,800 m2 of office space, the five-storey property on the Fentener van Vlissingenkade is fully let to the Dutch child welfare authority. There are also 44 spaces in the attached parking area.
Both buildings, according to the buyers, would also be suitable for multi-tenant occupancy.
The open-ended special AIF, Benelux Commercial Real Estate Fund, was jointly launched by Cording and Warburg-HI Invest in December 2016, as an individual mandate for Helaba Invest and another institutional investor.
The fund invests in office and retail properties in the Netherlands, Belgium and Luxembourg. The gross target volume is €300 mln, including around €200 mln of equity. The planned investment period is two years and the envisaged net distribution yield is 4% per annum.
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Image: FentenervVlissingen (Photo: Van Gool Elburg)
