Real estate investor and manager Cromwell Property Group and York Capital Management have sold the final asset from the Cromwell Netherlands Diversified Partnership (CNDP).
The asset, Woonboulevard Westpoort, which comprises 26,000 m2 of retail space let to a variety of homeware and DIY tenants, has been sold to local property management company Lenferink Groep Zwolle.
CNDP was launched in 2014 with a mandate to build a diversified portfolio of Dutch assets. The fund invested in office, industrial and out-of-town retail sectors and acquired high quality, well located real estate across The Netherlands, targeting both single assets and portfolios.
Wouter Zwetsloot, Cromwell’s head of real estate, Europe said: 'The sale of Woonboulevard Westpoort marks the successful completion of the sell-down of all assets in the CNDP portfolio.'
The fund has deployed in excess of €350 mln of capital since its launch, acquiring Woonboulevard Westpoort and several large office buildings, including the landmark office The Mark in Rotterdam.
Zwetsloot added: 'CNDP has provided outstanding returns since its launch in 2014 and its success is a testament to the ability of our local investment team to source the right opportunities and work alongside our property team to increase the value of assets through active asset management initiatives.
'We look forward to continuing to deliver more of these types of results for our investors and capital partners.'
Cromwell was advised by Cushman & Wakefield and Van Doorne. Lenferink Groep was advised by M2 Capital Real Estate.
