Valad sells Dutch light industrial properties to Rockspring

Asset manager Valad Europe has sold a portfolio of multi-let light industrial assets in the Netherlands to UK fund manager Rockspring Property Investment Managers.

As first reported by PropertyEU and later confirmed by Rockspring, the purchase price was €67.1 mln.

Valad Europe, acting as asset manager, sold the portfolio for AXA Real Estate's European Industrial Partnership (EIP). News of the transaction was first revealed by PropertyEU on Wednesday evening and Valad Europe and Rockspring confirmed the sale later.

The assets, totalling 175,500 m2 across 11 locations, were purchased through Transeuropean V, a fund managed by Rockspring. The assets are located in Aalsmeer, Amsterdam, De Meern, Duiven, Halfweg, Oude Meer, Rotterdam, Weesp, Zaandam and Zoetermeer.

The Zander portfolio comprises 250 units with 150 tenants on leases averaging three years. The tenants include Federal Express Europe, Staples Nederland, Subaru Benelux and Douwe Egberts Professional Netherlands.

Mark McLaughlin, Valad Europe's head of Benelux, commented: 'Active trading of assets forms part of our value-adding strategy and our ability to do this is significantly enhanced by the strength of our local team who have the requisite skills and local knowledge about both the assets and occupier market.'

Valad Europe was advised on the sale by CBRE, with Allen & Overy providing legal support. Rockspring was advised by Caisson Investment Management on the transaction, while AXA Real Estate was advised by CBRE.

The assets were sold as part of the liquidation of the EIP fund. Other assets owned by the fund in France are have also been sold off.

The Dutch portion of the portfolio generates around €9 mln in annual rental income. The 150 tenants have leases averaging three years. Transeuropean V was advised by law firm Loyens & Loeff and asset manager Caisson, which will manage the assets.

Jo De Clercq, partner and head of transactions in Europe at Rockspring, said: 'This transaction fits closely with TransEuropean’s focus on higher yielding quality assets across Europe. This is an excellent and well located multi-let industrial estate portfolio, offering strong, diversified income with the potential for rental and capital growth. With the right management from our team of specialists, we are confident that these assets will generate an excellent return on behalf of our investors.'

TransEuropean V is the fifth fund in Rockspring’s TransEuropean series. Launched in 2012 with firepower of €700 mln, the fund aims to benefit from the re-pricing of the European property market and create a blend of core, high-cash-yielding core plus and value-adding real estate. To date, the fund has invested around €500 mln in France, Switzerland, Germany, Sweden and the Netherlands.

Valad Europe manages €4 bn of assets in Europe, across 20 funds and mandates. Valad has a team of 24 working in the Benelux region, out of offices in Amsterdam and Luxembourg, managing approximately €370 mln of funds, invested in 65 assets comprising office and industrial space and accommodating 650 tenants.