Victory Advisors snaps up Dutch office portfolio

Private equity group Victory Advisors has completed its second real estate investment in the Netherlands, PropertyEU has confirmed.

The transaction was originally reported by Debtwire.

The firm recently acquired a portfolio of offices located in B locations in the Netherlands from UBS Euro Value Added (EVA) Real Estate for €85 mln. Aareal Bank financed the transaction.

According to Victory Advisors' website, it is a Luxembourg-registered privately held investment and advisory firm founded by Erik Moresco, a former managing director of the Blackstone Group and seasoned real estate investor Edwin van Emmerik.

In May 2012, Victory Advisors acquired the EPI Orange Portfolio of 23 office and light industrial properties in the Netherlands for €50 mln. This was reportedly the first package of assets sold in Europe as a result of a CMBS workout.

Neither Victory Advisors nor UBS would comment on the latest transaction but PropertyEU Research has established that Cushman & Wakefield acted for the vendor. Cushman & Wakefield declined to comment.

The 84,000 m2 portfolio comprises office properties in Amsterdam, Schiphol, Capelle aan den IJssel and Arnhem, and a warehouse in Hoofddorp. The portfolio generates about €9.5 mln in annual rental income and has a 33% vacancy rate.

According to calculations carried out by PropertyEU Research, the gross yield on the basis of 67% occupancy and €9.5 mln in annual rent comes to 11.3%. The calculation does not take account of any incentives.

The rental contracts have an average term of 6.4 years.

Victory Advisors is also believed to have shown an interest in acquiring the Atrium building in the Zuidas business district of Amsterdam, Debtwire said.