Amsterdam, 23/07/14 – CBRE Global Investors announces the completion of the sale of a portfolio of 32 office buildings in the Netherlands on behalf of CBRE Dutch Office Fund (“DOF”) to an affiliate of Lone Star Funds.
The 302,000 square metres portfolio is made up of buildings located in 12 cities spread over the Netherlands, including Utrecht, Rotterdam, The Hague, Heerlen, Maastricht and Zwollle and includes buildings known as the WTC Papendorp in Utrecht, De Haagse Arc in The Hague, the Coolse Poort in Rotterdam and Gelissendomein in Maastricht (see attachment).
The sale follows the recently successfully completed strategic review of DOF which resulted in a modernisation of the fund’s structure, terms and conditions. This has improved liquidity for investors and helped position the fund to capitalise on future value growth and acquisition opportunities in the Dutch prime office market.
CBRE Global Investors was advised by CBRE, Jones Lang LaSalle, DTZ Zadelhoff and Houthoff Buruma.
Lone Star was advised by Savills, Loyens Loeff and De Brauw Blackstone Westbroek.
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About the CBRE Dutch Office Fund
The CBRE Dutch Office Fund (“DOF”) is a non-listed real estate fund managed by CBRE Global Investors. The total value of the fund is circa €1.2 billion and comprises 27 properties with a total of circa 400,000 sq m lettable office space. DOF owns World Trade Center, Amsterdam (100%) and World Trade Center Schiphol (50%).
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $90.2 billion in assets under management* as of March 31, 2014. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has approximately 44,000 employees in approximately 350 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of properties and real estate-related loans; securities portfolios; and investments in operating companies, joint ventures and in private real estate funds under its fund of funds program. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.