A week after purchasing a portfolio of light industrial assets in the Netherlands, UK fund manager Rockspring has snapped up another property in Amsterdam.
A week after purchasing a portfolio of light industrial assets in the Netherlands, UK fund manager Rockspring has snapped up another property in Amsterdam.
Rockspring has bought Trade Park Zuid Oost in the Dutch capital from Internos Global Investors for €21.7 mln.
As with the earlier acquisition, the Amsterdam trade park was acquired for Rockspring’s TransEuropean Property Limited Partnership V fund. It was held by the Benelux Industrial Partnership, a portfolio managed by Internos.
Amsterdam Trade Park Zuid Oost comprises around 32,000 m2 of commercial space and provides purpose-built light industrial accommodation with ancillary offices arranged over 63 units contained in four separate buildings.
The asset is located on the edge of Amsterdam Zuidoost, southeast of the centre of Amsterdam, and is one of the most established locations for multi-let industrial and warehouses in the Amsterdam area.
The property has a vacancy rate of 15.9% following the implementation of an active asset management strategy and refurbishment of a number of units. It was previously 26.5%.
In addition to this transaction, Internos said it is in the process of disposing of several more assets from BIP.
Launched in 2007 as a closed-end Dutch Limited Partnership, or CV (Commanditaire Vennootschap), the Benelux Industrial Partnership is a specific vehicle holding higher yielding Dutch and German light industrial assets.
Internos was advised by Allen & Overy and Colliers International. Rockspring was advised by Loyens & Loeff , Heren2 and Caisson.