Netherlands-based Intervest Offices has sold an office portfolio to a group of British private investors for EUR 92.5 mln. The portfolio includes five buildings, three in Zaventem, and one in Leuven and Kortemborg, the Netherlands, for a total area of 71,210 m[sup]2[/sup]. The value reflects a gross initial yield of 4%.
Netherlands-based Intervest Offices has sold an office portfolio to a group of British private investors for EUR 92.5 mln. The portfolio includes five buildings, three in Zaventem, and one in Leuven and Kortemborg, the Netherlands, for a total area of 71,210 m2. The value reflects a gross initial yield of 4%.
The company said in a press release that the assets have an occupancy rate of 42%, and that the sale took place at a value that is lightly below the present book value of EUR 94.6 mln.
'We take the chance now the possibility occurs to sell, at favourable conditions, the properties difficult to let and buildings with increased risk in order to improve the general quality of the portfolio,' said Vastned’s ceo Jean-Paul-Sols. Property advisor King Sturge acted for the buyer.
Intervest Offices is Vastned's industrial subsidiary and a property investment fund listed on Euronext Brussels.
