E&G Parkhausfonds Europa, a fund specialising in parking garages, has acquired a parking site in Rotterdam, the Netherlands, for €46.1 mln from Tristan Capital Partners.
The city centre site, which includes 480 parking spaces, has a long lease with QPark and is located close to Rotterdam's central station.
The asset will be managed jointly by E&G Funds & Asset Management and Holland Immo Group.
The property was divested by the Curzon Capital Partners 5 Long-Life fund, Tristan Capital Partners’ perpetual core-plus fund, and local operating partner Nexus Real Estate.
Gyongyver Giday, director at Tristan Capital Partners, said: 'Successfully completing this transaction as we emerge from lockdown is a positive sign that momentum is returning to the Dutch market. The long lease with QPark, central location and income profile have made this asset a resilient performer, helping to preserve value over the past few months.'
The parking garage was originally acquired by Tristan from Credit Suisse in December 2019 together with The Core, a circa 16,940 m2 office space set across 10 floors. The Core is let to tenants such as the Office for Metropolitan Architecture and Vodafone Ziggo.
'The sale of the parking site allows us to focus now on the 16,000 m2 of Grade A office space that The Core offers in central Rotterdam and our first priority will be refurbishing common areas to improve the look and feel of the building,' added Giday.
Said Jochem den Daas, partner of Nexus Real Estate: 'The Core was repositioned a few years ago but there is more to do in cooperation with the local authorities in a post Covid-19 environment to lease-up the remaining vacant space and enhance the value of the building.'
