Bayside adds to Dutch portfolio

The credit affiliate of HIG Capital has purchased two portfolios of nine industrial properties in the Netherlands for approximately €44 million.

Miami-based Bayside Capital has purchased two portfolios of nine light industrial properties in the Netherlands for around €44 million, as announced in a statement on Friday. Starwood Capital provided the debt financing.

The purchase of the portfolios was transacted via MBay Light Industrial, a joint venture established by a private investment fund managed by Bayside Capital in partnership with Dutch specialist asset manager M7 Real Estate. The vehicle was formed to acquire high yielding multi-let industrial assets in the Netherlands.

The credit arm of US asset manager HIG Capital has now acquired three light industrial portfolios in the Netherlands with over €100 million of gross asset value. Bayside acquired 12 properties in November 2013 with Starwood Capital again backing the deal with debt financing.

Ahmed Hamdani, managing director at Bayside Capital, said in the statement: “We are pleased to continue our investment programme in the Dutch market and to be working again with M7 in this transaction. We are focusing on asset management, which will include substantial capital investment to improve occupancy, income and ultimately capital values. We believe the Netherlands market continues to present excellent value and this transaction reflects H.I.G.’s commitment to continue expanding its already significant European real estate holdings.”