A joint venture between US-based Harbert Management Corporation and Dutch firm Quan Real Estate Investors has purchased a portfolio of 12 office buildings in the Netherlands for almost €80 mln.
Harbert Management Corporation acquired the office portfolio, known as Project Bishop, on behalf of the Harbert European Real Estate Fund V. The seller was a combination of several private investors.
Project Bishop consists of 3 separate portfolios (Queen, Rook and Knight) with a total of 12 office buildings that are mainly located in the Randstad. In total, the portfolios have a lettable floor area of 69,000 m2 and an occupancy rate of 81%. According to the new owners, the portfolio offers an excellent combination of a stable income and opportunities to create value.
Quan is a new investment and asset manager based in Amsterdam, affiliated with Boelens de Gruyter. The company is also located at the same address as the developer Boelens de Gruyter and Harm Boelens and Maarten de Gruyter act as advisors.
Harbert Management Corporation is an investment manager that focuses on alternative assets, with approximately $6.4 bn in assets under management. It was founded in 1993 and has been active on the European market since 1998. The company, which also has offices in London, Paris and Madrid, makes it Dutch debut with this deal.
The sellers were advised by CBRE (commercial) and Allen & Overy (legal). Harbert and Quan were advised by Savills (commercial), GT Law (legal) and SGS Search (technical).
