Valad Europe sells building complex in the Netherlands

Valad Europe has sold the three-building Reitseplein 15 office asset in the centre of the Dutch city of Tilburg to Corpac, a neighbouring property owner.

The investment volume was not disclosed.

The sale comes soon after Valad Europe signed a lease renewal with UWV, the Dutch State benefits agency, on 7,580 m2 of office space at the property.

Valad Europe has also completed a new letting on 2,515 m2 of office space at Keesomstraat 28 – 32 in Ede to CTB Holding, a payroll company. The five storey, 2,952 m2 building is well located and has a direct connection to Rotterdam and Germany via the A12 motorway.

The transactions were completed on behalf of the Dutch Offices I & II portfolios which Valad Europe was appointed to manage in 2013. Now comprising seven office buildings and totalling approximately 40,000 m2, the portfolio of assets is located in the Randstad conurbation, Groningen and ‘s-Hertogenbosch in the Netherlands.

Richard den Hartigh, Valad Europe’s head of asset management for the Benelux region, commented: 'Our focus for the Dutch Offices I & II portfolios is to protect and grow income. We have accomplished this to date by establishing close relationships with existing tenants and repositioning vacant space and Keesomstraat is a great example of this, reducing the asset’s void from 87% to nil. We will also look to trade assets when the time and price is suitable as we have done with Reitseplein, following the successful lease renewal to UWV.'

Over the last four years, Valad Europe has secured, stabilised and traded, in excess of €3 bn of bank / CMBS workout assets under management.

Since becoming an independent owner-managed company in 2011, Valad Europe has secured €5.1 bn in new fund launches, new investment mandates and existing fund extensions, with a current investment capacity to be deployed of €1.3 bn.

Valad Europe has a team of 18 people in Benelux region, working out of its offices in Amsterdam and Luxembourg, managing €270 mln of funds, invested in approximately 60 assets comprising office and industrial space and accommodating 400 tenants.