Pramerica’s Weltfonds to shed four Dutch offices

Pramerica’s TMW Immobilien Weltfonds is to dispose of four offices in the Netherlands as part of the liquidation of the German open-ended fund.

The properties for sale are located in Amsterdam, Rotterdam and Houten and have yet to be put on the market, well-informed sources told PropertyEU.

The assets are valued at €148.3 mln, according to the 2012 annual report of the fund.

The four assets are the Crystal Tower in Amsterdam, valued at €56.1 mln; Kromme Schaft in Houten near Utrecht, valued at €33.9 mln; Europoint III in Rotterdam, valued at €38 mln; and Koningshof in Amsterdam, valued at €20.3 mln.

The move comes 21 months after Pramerica shelved plans to sell the offices in the Netherlands after being warned by local advisers that the book values were too high.

Pramerica had wanted to include the Dutch assets in the sales mandate of its European assets, following the decision to liquidate the fund in June 2011, trade magazine EuroProperty reported at the time. However, valuers at CBRE, Jones Lang LaSalle and Cushman & Wakefield warned that the properties were worth 40% less than their then book value of €217.5 mln, according to EuroProperty.

Pramerica announced in June 2011 that it planned to dissolve the TMW open-ended fund due to liquidity problems. The fund manager has until 31 May 2014 to sell the assets and wind down the fund.

DTZ Zadelhoff has been mandated to sell the properties.