Curzon Capital Partners 5 Long-Life L.P., the long life core-plus fund of Tristan Capital Partners, and local operating partner Nexus Real Estate, have completed the sale of a site including 480 parking spaces in the city centre of Rotterdam, Netherlands, for €46.1m to the E&G Parkhausfonds Europa, a fund specialising in parking garages.
Originally acquired from Credit Suisse in December 2019 along 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, Regus 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 during the lockdown period is a positive sign that momentum is returning to the Dutch market. The long core-lease with QPark, the central location and the 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.”