London-based real estate investment and asset management firm Neo Capital has made its first purchase in the Netherlands, acquiring an office complex in Rotterdam for €50 mln.
Weena 200 spans 16,000 m2 of prime office space across three towers, located opposite the city's central station. The property was refurbished by the previous owner, Blackstone, and is 87% let to 30 tenants including Cosco Shipping, JLL and Regus.
Neo Capital was founded in 2015 and invests private equity on behalf of institutions, corporations and high net worth individuals. It is aiming to double its current AUM of €700 mln in the short term. Last month the company acquired 625 North Michigan Avenue, a 27-storey skyscraper in Chicago, from CIM Group for $73 mln (€65 mln).
Commenting on the deal, Neo Capital's head of real estate Deborah Watt said: 'We are pleased to have acquired our first commercial asset in the Netherlands with the purchase of Weena 200. It is in a prime location with fantastic connectivity and is let to a range of tenants producing a well-diversified income stream.
'This is exactly the type of asset that Neo Capital is looking to invest in – good location, good connectivity, good tenants and which will allow us the opportunity as asset managers to improve and develop the asset for the betterment of our occupiers.'
Knight Frank and NL Real Estate advised Blackstone on the transaction.
