Henley360 has completed its sixth acquisition in mainland Europe, with the off-market purchase of a 14,000 sq m (150,695 sq ft) light industrial park in Rotterdam, the Netherlands, for an undisclosed sum.
Henley360 has also completed the sale of two existing prime assets in Rotterdam to Urban Industrial.
The acquired site, located within the established Rotterdam Noord-West Business Park, comprises a mix of light industrial, office and storage facilities. The property is located in close proximity to Rotterdam city centre and key transport hubs, and is the fourth Dutch asset to be purchased by Henley360 in the last couple of years.
The two Rotterdam sites sold by Henley360 are both freehold, multi-let, light industrial properties in Business Park Boezembocht and Handelscentrum Alexander, representing a total surface area of approximately 43,848 sq m.
Kevin Oppenheim, managing director of Henley360, says:
“The property in the Rotterdam Noord-West Business Park presented an opportunity to acquire a well-performing, strategically-located asset, below replacement cost in an established business park. The configuration and good condition of the site will support its conversion to a modern and well-appointed asset quickly and economically. An optimised mix of light industrial, office and storage facilities, and the introduction of our proven ‘FlexiZone’ concept – which offers smaller office and light industrial units to SME and fast growing companies – will provide a comprehensive range of business space to the local market in Rotterdam.”
Ian Rickwood, chief executive officer of Henley Investments, says:
“This purchase in the Rotterdam Noord-West Business Park is our fourth acquisition in the Netherlands, which remains a highly attractive market for Henley, bolstered by the recent Dutch election results which have contributed to business confidence in the region. This acquisition is aligned with our opportunistic strategy to recognise assets in areas of high demand which offer significant upside rental returns through active asset management.
The success of our asset management is further demonstrated by the recent sale of two of Henley360’s existing assets in Rotterdam, located in Business Park Boezembocht and Handelscentrum Alexander. This sale is a prime example of Henley buying underperforming assets and being able to reduce vacancy levels, increase rents and so drive net operating income, before pursuing an exit strategy to capitalise on market appetite for stabilised, high quality, institutional-standard assets. These transactions build on our strong track record of investment into mainland Europe, delivering deal returns north of 30 per cent IRR.”
The deal in Rotterdam Noord-West Business Park was sourced through Henley360’s network, with legal services provided by Nauta Dutilh. The sale in Business Park Boezembocht and Handelscentrum Alexander was managed through CBRE.
Launched by private equity real estate group Henley in March 2014, Henley360 is led by Kevin Oppenheim. The business investment strategy focuses on high-yielding, multi-let office and light-industrial properties, including sale and leaseback deals in Northern Europe.
15th May 2017 | Article by Property Funds World
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