French SCPI Iroko Zen has acquired a hotel and office complex in Papendorp, Utrecht, from Bryant Park Maxima, an SPV owned by funds managed by New York-based global asset manager Marathon Asset Management.
Financial details were not disclosed.
The asset comprises a 118-key hotel operated as HolidayInn Express Utrecht-Papendorp, plus office space.
Following the acquisition of the property in 2016, Marathon said it transformed the office and hotel complex into a modern, sustainable asset.
In addition, Marathon completed a lease-up strategy which saw the building fully leased to a mix of strong tenants on long unexpired lease terms.
JLL advised the seller during this transaction. Edmond de Rothschild REIM Benelux acted as seller’s asset manager and Savills as property manager during the holding period.
Loyens & Loeff acted as legal advisor during this transaction.
NL Real Estate Knight Frank acted as commercial advisor, Dentons as legal advisor and SGS Search as technical advisor on behalf of the buyer.
ARC Real Estate acted as local acquisition manager for Iroko Zen.
