A Tristan Capital Partners joint venture has acquired the vast majority of Italian insurance giant Generali’s Dutch real estate for €212 million.
The London-based private equity real estate firm and Dutch operating partner Timeless Investments acquired the portfolio of 39 properties, 80 percent of which are located in Amsterdam’s central urban conurbation, the Randstad.
Timeless Investments, in addition to acting as co-investor, will advise the joint venture on asset management and other repositioning initiatives.
“We are intrigued by the improving macroeconomic fundamentals of the Dutch economy and the increasing strength of tenant demand in a number of key retail and office micro-locations across several Dutch markets,” commented Ali Otmar, managing director investments at Tristan. “Tristan also looks forward to potentially deploying additional capital into Dutch real estate in transactions that provide a balance of cashflow and opportunities to add value through active asset management.”
The 21 retail properties in the portfolio include assets in unique locations such as Amsterdam’s top shopping high streets, the Kalverstraat and Leidsestraat, as well as Vredenburg in Utrecht. The 10 office properties include locations on the Koningslaan in Amsterdam and Admiraal Helfrichlaan in Utrecht. There are also 321 residential units in the portfolio.
About 48 percent of the rental income of the portfolio comes from retail-led or pure retail properties, 33 percent from offices and 19 percent from residential units.
Tristan has funded the transaction using capital from European Property Investors Special Opportunities 4 (EPISO 4), its latest European value-added and opportunistic fund. The firm hit its €1.5 billion hard cap back in July for the vehicle.
Baker & McKenzie, Ernst & Young and Cushman and Wakefield advised the joint venture on the legal, commercial and tax aspects of the transaction. Savills, JLL and Loyens & Loeff advised Generali.