Marathon picks up 14 office properties in the Netherlands

Marathon Asset Management has acquired 14 office properties in the Netherlands from a fund managed by Bouwinvest Real Estate Investment Management.

The investment volume was not disclosed.

The transaction was carried out by Bryant Park Netherlands, an affiliate of MCAP Global Finance (UK), which is in turn part of New York-based Marathon Asset Management. Marathon is a global credit manager with $13 bn (€12 bn) of capital under management in opportunistic investments.

Bouwinvest said that the 14 freestanding or smaller properties sold by its office fund no longer fit with its strategy. The assets are located in Maastricht, Amsterdam, Utrecht, Rotterdam, Zoetermeer, Dordrecht, Leiden and Zwolle.

Bas Jochims, head of asset management Offices at Bouwinvest, said: 'This sale enables Bouwinvest to accelerate the optimisation strategy for the Fund as we focus the portfolio on distinctive office buildings located in the four big cities in the Netherlands. This disposal will enhance the overall quality of the portfolio and contributes to the continuation of its long-term outperformance.'

The Office Fund focuses primarily on acquiring and exploitation of multi-let offices. Typically the assets offer flexible space for a variety of tenants, good sustainability credentials and are in locations in the four biggest Dutch cities that are easily accessible locations by public and private transport. The portfolio includes the World Trade Centre (WTC) in The Hague and WTC Rotterdam, the Olympic Stadium plus the Citroën buildings on the Stadionplein in Amsterdam, which are currently undergoing redevelopment.

DTZ Zadelhoff advised Bouwinvest on the transaction, while De Brauw Blackstone Westbroek provided legal advice.