Savills to manage Electra's Dutch office portfolio

Property adviser Savills has been appointed by insolvency administrator DLA Piper to manage six office properties in the Netherlands. DLA Piper was acting on behalf of a subsidiary of Tel Aviv-listed Electra Real Estate.

The assets range in size from 3,580 m² to 16,490 m² and four are located in Schiphol-Rijk, next to Amsterdam's international airport. There is also a property located at Regulusweg 11 in The Hague and the final asset is the Wilhelmina tower in Rotterdam.

Two of the properties are empty and the tenants of the other properties include Kyocera Mita Nederland, TUI Nederland, Arkefly, Arbo Unie, and the government property agency Rijksgebouwendienst.

Peter Sybesma, head of property management for Savills Netherlands said: 'The high vacancy rate in the office sector in the Netherlands continues to be an issue for investors and has resulted in some insolvency cases. Savills property management service can put into place practical cost saving measures for buildings that are both occupied and vacant to produce the best results for both landlord and tenants.'

The Dutch assets, totalling 48,000 m2, were part of a portfolio of 10 office properties acquired in 2007 by Electra and an unnamed partner for NIS 1.5 bn (then about EUR 276 mln) At the time the deal was the largest ever carried out by Electra and its first in the Netherlands.

The transaction included four German office assets with a total leaseable area of 56,000 m². Those assets are located in Berlin, Dortmund, Hannover and Munich.