Investcorp makes first investment in the Netherlands
Investcorp has bought its first property in the Netherlands as part of its European expansion strategy.
The Bahrain-listed investment manager has bought a €52m (£44.8m) Grade-A office in Rotterdam in partnership with Netherlands-based asset manager Proptimize. It was acquired from Cromwell Property Group in partnership with York Capital Management.
The office blocks, known as The Mark, measure around 248,000 sq ft across two interconnected buildings. They are currently 85% occupied and amenities include a gym and a restaurant.
Investcorp has bought its first property in the Netherlands as part of its European expansion strategy.
The Bahrain-listed investment manager has bought a €52m (£44.8m) Grade-A office in Rotterdam in partnership with Netherlands-based asset manager Proptimize. It was acquired from Cromwell Property Group in partnership with York Capital Management.
The office blocks, known as The Mark, measure around 248,000 sq ft across two interconnected buildings. They are currently 85% occupied and amenities include a gym and a restaurant.
Neil Hasson, managing director and head of Investcorp European real estate, said: “We believe that Rotterdam is strongly positioned to benefit from the Netherlands’ strengthening economy and that now is the right time to enter this attractive growth market.
“With its strategic location, strong cash flows, diverse tenant base and a lack of quality office supply in the local market to meet the anticipated increasing demand, this property meets all of our investment criteria and offers additional upside potential.”
Hasson highlighted that there were more potential opportunities for growth across the Netherlands and the Randstad.
He said: “We remain focused on identifying and acquiring attractive real estate assets in core-plus logistics and office markets across Europe that offer stable cash flows and upside potential.”
Investcorp’s total real estate assets under management in Europe total around €600m. Last month it fully invested in its third UK industrial and logistics fund, after it bought a £16m fulfilment centre in Leeds.
As at 30 June, the Investcorp Group had $28.2bn (£22bn) in total AUM.
Savills advised Investcorp and Proptimize on the deal.
See also: Why Middle Eastern investors are going Dutch
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