Dutch property company Merin, owned by Toronto-listed Dream Global REIT, has purchased an office property in Amsterdam's Sloterdijk sub-market as it continues to focus on boutique and smart office buildings suited to housing multiple tenants.
Financial details were not disclosed but PropertyEU estimates Merin paid €33 mln for the five-storey, 10,000 m2 asset. The vendor is a partnership between Tristan Capital Partners and Timeless Investments, the investment vehicle of the Van Veggel family.
Tristan Capital Partners’ opportunity fund, EPISO 5, and Timeless Investments made their first investment together in February when they acquired an 18,000 m2 multi-tenant office complex in Amsterdam for €54 mln from Dutch investment manager APF and Lingotto.
The property in the latest transaction is located at Transformatorweg 38-72 in Amsterdam Sloterdijk and was built in 2005. it is 70% let to IT firm Dell and Merin said it expects to lease the top two floors imminently.
Van Gool Elburg is understood to have advised the vendor on the deal.
Merin said that based on its strategy of disposing of non-core properties and acquiring new and bigger assets, its portfolio is now 80% concentrated in the Netherlands' urban Randstad area with Amsterdam accounting for 33% of the total.
