Tristan Capital Partners has acquired 10 offices in Amsterdam and Utrecht for a total of €48.5 mln from Union Street Edge and an unnamed vendor for its recently launched CCP 5 'Long-Life' core-plus fund.
'Over the past 18 months the key office markets in the Netherlands have been firmly in recovery mode on the back of solid economic growth,' commented Ali Otmar, senior partner at Tristan Capital.
'Supply and demand dynamics have shifted to a more landlord friendly environment, particularly in the major cities. The properties we have acquired are in upcoming office locations and offer the opportunity for value creation from leasing-up the remaining vacant space and executing lease-regears.'
The eight properties in Amsterdam were acquired from Union Street Edge and provide 18,800 m2 of lettable space in Buitenveldert, near the South Axis office district.
According to Tristan, rents for the properties are less than half that of the South Axis, making it an attractive location for smaller service providers, such as IT companies and advertising agencies. They are all leased except for one property which has been kept vacant for renovation.
In Utrecht, Tristan purchased two connected office buildings along the Catharijnesingel, next to the central train station. The two fully occupied buildings comprise 8,000 m2 of space and are 68% leased to non-profit organisation St. Sekondant that has significantly invested and upgraded its office space. The remaining 32% is leased to five other tenants.
The Tristan fund’s operating partner in the Amsterdam transaction is Nexus Real Estate, with Greenberg Traurig, SGS Search and EY advising the fund. The seller’s advisers were Spring Real Estate and Loyens & Loeff.
In Utrecht, Tristan's Dutch operating partner and co-investor is Timeless Investments, with advice from Houthoff Buruma, Hofstede and EY.
