Valad Europe is building a €500m portfolio of Dutch properties for an unnamed investor.
The Valad Netherlands Diversified Partnership (VNDP) will invest in core-plus and value-add real estate, targeting the office, industrial and out-of-town retail sectors.
In an identical strategy to that used by Valad for its Valad Central Europe Retail Partnership (VCERP) in October last year, the new Dutch venture is seeded with €200m of equity, resulting in the use of 60-70% leverage.
VNDP’s first deal, a €140m portfolio of six office and retail assets, was bought from listed Franco-Dutch company Unibail-Rodamco.
The 53,000sqm UNO portfolio was bought with finance provided by ING.
Investment manager Valad said it would look to acquire good-quality, well-located real estate, targeting both single assets and portfolios ranging from €10m to €100m.
Christian Bearman, Valad Europe head of corporate development and operations, said valuations and occupancy levels in some Dutch sub-markets were currently “out of sync with the underlying economic recovery” and provided an “attractive, counter-cyclical opportunity” to invest.
Valad Europe has an overall investment capacity of €5.6bn, of which €1.8bn is aimed at the Netherlands, Central Europe, Germany, France and the UK.