New York-based Time Equities Inc (TEI) has acquired 12 single and multi-tenant office assets throughout the Netherlands for €32 mln.
The 44,000 m2 portfolio was acquired on 6 April on the heels of the international firm's 50th anniversary.
'As Time Equities continues to strategically acquire properties that reflect favourable economic conditions and align with our business objectives to date, we have identified the value presented by Europe's evolving real estate market,' said TEI founder and CEO Francis Greenburger. 'We’re proud to have made it to our 50th anniversary and we’re looking forward to capitalizing on opportunities to continue our stabilized and consistent growth across the globe. Our portfolio in the Netherlands provides an ideal value-add opportunity, as it stands at a 70% occupancy rate. With the successful collaboration between our partners, we aim to reach full occupancy across all properties.'
Aaron Medeiros and Jonathan Dulberg represented Time Equities in the acquisition of the 11-building portfolio in the Netherlands. Cushman & Wakefield represented the seller Dutch Active Fund PropCo. Medeiros and Dulburg also represented TEI in the acquisition of an office building alongside Utrecht Central Station for €11 mln from ABN Amro bank.
TEI's overall commercial, office and residential portfolio spans 27 states across the US, Canada and Europe.
