Project Bishop Sold
A Dutch office portfolio, known as Project Bishop, has been sold by a combination of multiple sellers to Harbert Management Corporation (Europe) LLC, as advisor to Harbert European Real Estate Fund V LP, a pan European real estate fund manager.
Project Bishop consists of 3 separate portfolios (Queen, Rook and Knight) that comprise a total of 12 office buildings predominately located in the Randstad area in the Netherlands. In total, the portfolios cover a total lettable floor area of 69,000 sq m and benefit from an occupancy rate of 81%. The combined portfolio offers an excellent combination of secured income and value-add potential.
The sellers were advised by CBRE (commercial) and Allen & Overy (legal). Harbert, who bought this portfolio in a joint-venture with the Dutch asset manager Quan Investors, was advised by Savills (commercial), GT Law (legal) and SGS Search (technical).
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated 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.