Fri, 28/09/2018 - 17:58
Aviva Investors’ Continental European Long Lease Strategy Fund (CELLS) has acquired an innovation centre comprising research and office premises within the Utrecht Science Park, the Netherlands.
The seller is Hanover Leasing, part of the Corestate Capital Group.
The centre, which has a total rentable area of approximately 18,000 square meters, is fully rented to Nutricia Research BV, wholly owned by Danone SA, the multinational food company. The Danone Innovation Centre is a high-quality, energy-efficient office building that was constructed in 2013, with a BREEAM Excellent rating.
The Utrecht Science Park is one of the leading science and research hubs in Europe, and home to over 100 businesses. It is the largest science park in the Netherlands, located close to Utrecht and Schiphol airport in Amsterdam.
The Aviva Investors Continental European Long Lease Strategy (CELLS) launched in 2017. The Fund aims to deliver sustainable and secure yields on dividends of between 4-5 per cent per year from properties with a lease term of at least 15 years. It invests in continental European (ex-UK) properties with an initial focus on office, retail, logistic as well as social infrastructure and alternative sectors in Germany, Austria, Benelux and Scandinavia.
Matthias Hübner, Fund Manager Long Income Europe, Aviva Investors, says: “The Danone Innovation Centre is a trophy asset that fits perfectly into the investment profile for CELLS, offering long-term, secured cash flows for our investors. We have now invested more than 90 per cent of the fund’s available commitments, which demonstrates that we can consistently deliver on this CELLS strategy and invest our clients’ funds promptly and in accordance with the agreed investment guidelines. We continue to see strong interest from potential investors across Europe in CELLS based on our strong pipeline of selective European long-income transactions.”
Daniel Lienhard, Head of Transactions, Aviva Investors Frankfurt, says: “This is the third investment by CELLS and follows our investment in an educational centre in Kristiansand, Norway, earlier this year. The asset generates a stable income that is 100 per cent index-linked to CPI and has a WAULT (weighted average unexpired lease) marginally below 15 years with an expiry in 2033. The Netherlands is a target market for the fund for secure long-income assets. Our local network allows us to source and quickly execute attractive transactions on and off-market in this region.”
The sell-side advisers were JLL and CBRE acted for Aviva Investors. The sell-side legal team was Loyens & Loeff N.V. and CMS Derks Star Busmann N.V. acted for Aviv
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