Valad Europe trades Dutch light industrial portfolio

Investment manager Valad Europe has sold a portfolio of 10 light industrial assets totalling 64,542 m2 to MStar Netherlands 2 Holding for an undisclosed amount.

The trade was completed on behalf of the Valad European Income Fund, for which Valad recently secured a new €175 mln loan facility, concurrently with an extension to the fund’s term.

The portfolio is located across the Netherlands and is let to more than 70 tenants, including Hertz, Hornbach, Rentokil Initial and Hilti.

'It is equally important for us to be able to identify the right time to sell assets as it is to purchase at the right price, especially in the current markets where there is a lot of investor interest in European real estate,' commented Mark McLaughlin, Valad Europe's head of Benelux. 'This portfolio was traded following the completion of our business plans for the assets which included the completion of 55 lettings totalling 35,000 m2 and representing €1.8 mln of rental income.'

The portfolio of assets included: Wilgenkade 5-25, Houten (4,929 m2); Elftweg 32-54, Raamsdonksveer (9,803 m2); Rijnkade 15-17, Weesp (4,925 m2); Ravenswade 54-56, Nieuwegein (2,996 m2); Demkade 23-29,40, Bramerijweg 11, 13, 15, Havenweg 2-8, Martin Ovenweg 1-16, Utrecht (9,734 m2); Mon Plaisir 102-104, Etten-Leur (5,736 m2); Weidehek 64-70, Breda (4,650 m2); Goeseelsstraat 6-21, Breda (2,920 m2); Energieweg 38-40, 39-41, Zoeterwoude (4,205 m2); Jarmuiden 22-30, 52-58, Amsterdam (14,644 m2).

Earlier this month Valad Europe was also appointed by Goldman Sachs to manage its Chronos portfolio of 18 assets across the Netherlands.

The package provides a total of 76,238 m2 of office space, in 15 locations, and is currently let to 84 tenants including the Dutch police, Regus, UWV (benefits administrator) and MSC Rotterdam. It comprises assets such as Kabelweg 21 in Amsterdam (14,000 m2), and Westblaak 182 in Rotterdam (10,800 m2).

The majority of the assets are located in the Randstad conurbation in the Netherlands, which includes four of the largest Dutch cities: Amsterdam, Rotterdam, The Hague and Utrecht.