SCPI Novaxia NEO, a fund managed by French fund manager Novaxia Investissement, has acquired six office properties in Dutch metropolitan regions from Garbe Institutional Capital.
Financial details were not disclosed.
The properties are located in Rotterdam, The Hague, Utrecht and Hilversum. The core portfolio encompasses approximately 44,000 m2 of high-quality office space and more than 1,100 m2 of retail space.
The portfolio shows an occupancy rate of 97%, offering a well-diversified tenant structure with 65 tenants and an average remaining lease term of more than 5 years.
Mathieu Descout, president of Novaxia Investissement, said: 'We are continuing the European diversification of the Novaxia NEO portfolio through these six new acquisitions in economically strong cities. In 2023, we will continue our acquisition strategy with diversification both geographically and in terms of building type.'
Michiel Dubois, managing director Garbe Institutional Capital, added: 'We successfully executed another part of our long-term disposal strategy for one of our funds under management.
'The transaction is a healthy signal for the Dutch commercial real estate market. It shows that the demand for premium office properties remains at high levels in the current market environment.'
Garbe Institutional Capital was advised by BarentsKrans (legal), CBRE (technical and commercial) and Deloitte (tax). Novaxia Investissement was advised by Cyclus Property (commercial), Taylor Wessing (legal and tax) and Royal HaskoningDHV (technical).
