GARBE Institutional Capital sells a Dutch office portfolio to Novaxia NEO
GARBE Institutional Capital sold six office properties in Dutch metropolitan regions to SCPI Novaxia NEO, a fund managed by Novaxia Investissement.
The properties are located in Rotterdam, The Hague, Utrecht and Hilversum. The core portfolio encompasses approximately 44,000 sqm of high-quality office space and more than 1,100 sqm of retail space. The portfolio shows an occupancy rate of 97 percent, offering a well-diversified tenant structure with 65 tenants and an average remaining lease term of more than 5 years.
We are continuing the European diversification of the Novaxia NEO portfolio through these six new acquisitions in economically strong cities. In 2023, we will continue our acquisition strategy with diversification both geographically and in terms of building type.
We successfully executed another part of our long-term disposal strategy for one of our funds under management. The transaction is a healthy signal for the Dutch commercial real estate market. It shows that the demand for premium office properties remains at high levels in the current market environment.
In the transaction, GARBE Institutional Capital was advised by BarentsKrans (legal), CBRE (technical and commercial) and Deloitte (tax). Novaxia Investissement was advised by Cyclus Property (commercial), Taylor Wessing (legal and tax) and Royal HaskoningDHV (technical).
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.