Internos Global Investors has disposed of Trade Park Zuid Oost, a multi-let light industrial asset, located in Amsterdam, on behalf of the Benelux Industrial Partnership (BIP), a portfolio managed by Internos.
The asset has been sold for EUR21.7m to Rockspring Property Investment Managers for its TransEuropean Property Limited Partnership V fund.
Amsterdam Trade Park Zuid Oost comprises approximately 32,000 sq m of commercial space and provides purpose built light industrial accommodation with ancillary offices arranged over 63 units contained in four separate buildings. The asset is located on the edge of the lively business district of Amsterdam Zuidoost, southeast from the centre of Amsterdam. It is one of the most established locations for multi-let industrial and warehouses in the Amsterdam area.
Through the implementation of an active asset management strategy and refurbishment of a number of units, Internos reduced the vacancy rate of the Trade Park from 26.5 per cent to 15.9 per cent at the time of sale over a period of twelve months.
In addition to this transaction Internos is in the process of disposing of several more assets from BIP.
Launched in 2007 as a closed ended Dutch Limited Partnership, or CV (Commanditaire Vennootschap), the Benelux Industrial Partnership is a specific vehicle holding higher yielding Dutch and German light industrial assets.
Internos was advised by Allen & Overy and Colliers International. Rockspring was advised by Loyens & Loeff, Heren2 and Caisson.
Hugo van der Goes, managing director at Internos, Amsterdam, says: “This sale is in line with our strategy for BIP and follows the completion of our business plan for the asset. Our ability to successfully implement asset management plans for this type of asset relies on the knowledge and expertise of our local teams of asset managers who understand the markets in which we operate.”