HighBrook Investors, a New York-based real estate private equity firm, has acquired an office property in an off-market transaction in the Dutch port city of Rottedam for just under €31 mln.
The financial details and seller of the property at Blaak 333 were not disclosed by HighBrook Investors.
However, PropertyEU Research has established that the building was sold by BNP Paribas Leasing Solutions (formerly Fortis Vastgoed Lease) for just under €31 mln. Fortis Vastgoed Lease had acquired Blaak 333 for €36.5 mln in 2003, according to the Dutch Land Registry (Kadaster).
Blaak 333 is a single-tenant office building located on a prominent location in the Central Business District of Rotterdam. The building comprises 15,575 m2 office space and is fully let
The transaction marks HighBrook’s entry into the Rotterdam market. The firm is actively seeking more value-add opportunities throughout the Randstad conurbation of the Netherlands.
HighBrook Investors is a real estate private equity firm which is focused on value-added opportunities throughout the US and Western Europe. The firm manages a series of closed-end commingled funds and operates throughout its offices in New York, London and Atlanta. HighBrook has been an active investor in the Dutch market and has now closed six transactions totalling over €160 mln in aggregate value over the last 9-10 months.
Equity Estate acted as advisor to HighBrook Investors and will co-invest in Blaak 333. Equity Estate will also perform the asset management.
Savills acted on behalf of the seller in this transaction. Wouter Stevens, Savills Netherlands, said: 'Blaak 333 is a landmark building in an excellent location within the Central Business District in Rotterdam that combines work, shop and living in the inner city. The office is fully let to a single tenant which is rare in the Rotterdam office market. That makes this an excellent investment opportunity with value add possibilities in the improving Rotterdam investment market.'
