Henley360, a commercial property fund managed by private equity firm Henley, has purchased a 14,000 m2 light industrial park in Rotterdam, the Netherlands, for an undisclosed sum. Henley360 has also completed the sale of two existing prime assets in Rotterdam to Urban Industrial.
The vendor of the light industrial park was not named. The deal represents Henley360's sixth acquisition in mainland Europe, and was sourced through Henley360's network.
'The property in the Rotterdam Noord-West Business Park presented an opportunity to acquire a well-performing, strategically-located asset, below replacement cost in an established business park,' commented Kevin Oppenheim (pictured), managing director of Henley360. 'The configuration and good condition of the site will support its conversion to a modern and well-appointed asset quickly and economically.'
The two Rotterdam sites sold by Henley360 are both freehold, multi-let, light industrial properties in Business Park Boezembocht and Handelscentrum Alexander, representing a total surface area of approximately 43,848 m2.
Ian Rickwood, Chief Executive Officer of Henley Investments, added: 'The success of our asset management is further demonstrated by the recent sale of two of Henley360’s existing assets in Rotterdam, located in Business Park Boezembocht and Handelscentrum Alexander. This sale is a prime example of Henley buying underperforming assets and being able to reduce vacancy levels, increase rents and so drive net operating income, before pursuing an exit strategy to capitalise on market appetite for stabilised, high quality, institutional-standard assets.'
Legal firm Nauta Dutilh advised Henley360 on the acquisition. The sale of Business Park Boezembocht and Handelscentrum Alexander was managed through CBRE.
Launched by private equity real estate group Henley in March 2014, Henley360 focuses on high-yielding, multi-let office and light-industrial properties, including sale and leaseback deals in Northern Europe.
