Swiss family-run investment house Edmond de Rothschild Real Estate Investment Management (REIM) has acquired a light-industrial property in the Netherlands.
Financial details were not disclosed. The seller was an unnamed private investor.
Edmond de Rothschild REIM made the purchase on behalf of its Edmond de Rothschild Euro Industrial Real Estate Fund.
The property is located at Lage Weide Utrecht and is one of the most centrally located business parks in the Netherlands. It is located next to two other recently acquired properties comprising warehouse and office space with a total lettable floor area of 8,300 m2. The asset was built in 1993 and is fully let to one tenant.
Theo Soeters, fund manager at Edmond de Rothschild REIM, said: 'By this third acquisition within four months we have gained a strong position in Utrecht Lage Weide. This acquisition fits perfectly within the fund’s strategy to acquire light-industrial assets on well accessible and urbanized locations with excellent transportation links.'
Edmond de Rothschild REIM was advised by VBC Notarissen on legal and tax side, Drees & Sommer on technical matters and by 1530 Real Estate on commercial matters
The Edmond de Rothschild Euro Industrial Real Estate fund has a core plus risk profile and is aimed at institutional investors. It consists of 17 assets with a total GAV of approximately €100 mln. It aims to deliver to its investors an average net income return of more than 6% per annum over a 10-year period.
The Dutch purchase comes five months after Edmond de Rothschild announced it was combining its three European real estate businesses into a single, integrated investment management platform to be known as Edmond de Rothschild Real Estate Investment Management.
