Valad Europe acquires Dutch Office Portfolio

Posted on 20 August, 2015 by Cliff Goodwin

The multi-let real estate investment manager, Valad Europe, has paid €56.1m (£39.8m) for seven Dutch office blocks. The portfolio was purchased for its recently launched Valad Netherlands Diversified Partnership (VNDP) and is the fund’s second acquisition.

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All the assets — at Ruyterkade 5 in Amsterdam; Blaak 40 in Rotterdam; Koningskade 30 in The Hague; Kronenburgsingek 525 in Arnhem; Water Molenlaan 1 in Woerden; Printerweg 6 in Amersfoort, and Heliconweg 62 in Leeuwarden — were owned by the Netherlands’ Chamber of Commerce, Kamer van Koophandel.

An independent administrative body, the chamber helps entrepreneurs to finance and launch innovations and businesses in The Netherlands and across mainland Europe. The majority of the offices will be leased back to the organisation to allow it to expand its involvement in flexible housing solutions.

“This sale and leaseback transaction provided an excellent opportunity to purchase a portfolio of seven high quality assets from an original portfolio of ten assets,” commented Mark McLaughlin, Valad Europe’s Benelux head.

“The locations work well together as a portfolio, providing geographic diversity, backed by long leases, to an occupier with a strong covenant. This is exactly the type of investments we are targeting for VNDP.” In total the buildings include almost 387,500 sq ft of office space.

Valad Europe launched its VNDP with an initial target of €500m (£355m) aimed primarily at Dutch office, industrial, logistics and out-of-town retail assets which it could then upgrade to add value. The purchase is the second major acquisition for the fund — whose managers want to spend between €10m and €100m (£7.1m and £71.1m) on single assets and portfolios — since it launched earlier this year.

Valad Europe was advised by Van Doorne and Loyens & Loeff, with the Chamber of Commerce being advised by CMS Derks Star Busmann. DTZ Zadelhoff conducted the sales process on behalf of the chamber.




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