Tristan Fund Sells Rotterdam Parking Garage to German Fund for €46.1m
Source: Tristan Capital Partners Press Release
9 June 2020, London: Curzon Capital Partners 5 Long-Life Fund, Tristan Capital Partners’ perpetual core-plus Fund, and local operating partner Nexus Real Estate, have completed the sale of a site comprising 480 parking spaces in the city centre of Rotterdam, Netherlands, for €46.1m, to E&G Parkhausfonds Europa, a fund specialising in parking garages.
Originally acquired from Credit Suisse in December 2019 together with The Core, a c. 16,940 sqm office space set across 10 floors, the parking site is located close to the central station in a prime location in Rotterdam’s CBD. The Core is let to tenants such as the Office for Metropolitan Architecture and Vodafone Ziggo. The site will be managed collectively by E&G Funds & Asset Management GmbH and Holland Immo Group.
Gyongyver Giday, Director at Tristan Capital Partners, said: “Successfully completing this transaction as we emerge from lockdown is a positive sign that momentum is returning to the Dutch market. The long lease with QPark, central location and income profile have made this asset a resilient performer, helping to preserve value over the past few months. The sale of the parking site allows us to focus now on the 16,000 sqm of Grade A office space that The Core offers in central Rotterdam and our first priority will be refurbishing common areas to improve the look and feel of the building.”
Jochem den Daas, Partner of Nexus Real Estate, said: “The Core was repositioned a few years ago but there is more to do in cooperation with the local authorities in a post COVID-19 environment to lease-up the remaining vacant space and enhance the value of the building.”