Source: Internosglobal.com
INTERNOS Global Investors Limited (INTERNOS), the owner-managed real estate fund management firm, 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 €21.7 million to Rockspring Property Investment Managers for its TransEuropean Property Limited Partnership V fund.
Amsterdam Trade Park Zuid Oost comprises approximately 32,000 sqm 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 successfully reduced the vacancy rate of the Trade Park from 26.5% to 15.9% 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 C.V. (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.
Commenting on the disposal, Hugo van der Goes, managing director at INTERNOS, Amsterdam, said: “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.” For further information, please contact: INTERNOS Global Investors Hugo van der Goes +31 (0) 20 676 5060 Tavistock Communications: + 44 (0) 20 7920 3150 Jeremy Carey/James Verstringhe/ Faye Walters fwalters@tavistock.co.uk
Notes to Editors: Since its formation by Andrew Thornton and Jos Short in 2008, INTERNOS has become a significant pan-European investment manager with eight offices in London, Frankfurt, Amsterdam, Paris, Lisbon, Milan, Luxembourg, and Madrid with approximately 100 employees, over 1,000 commercial property investments in 11 countries and €4.1 billion under management. INTERNOS has expertise across the real estate asset classes and major European markets.
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