Think urban, act smart

Bayside/Unifore successfully sells another four office buildings for in total about 18mio

September 11, 2017

After the recently announced sales of Holland Office Center (30 June) and Riva (1 September), the joint venture Bayside/Unifore has sold and transferred another four office buildings in the Netherlands:

  • Gooimeer 11, Naarden (Gooimeer) a 2,000 sqm office building fully let to Bergman Clinics
  • Bahialaan 200, Rotterdam (Bahialaan) a 2,750 sqm office building fully let to Verwey Vastgoed
  • Karspeldreef 16, Amsterdam (Karspeldreef) a 4,600 sqm office building fully let to the Amsterdam Fire department
  • RiviumQuadrant, Capelle a/d IJssel (Gemini) a 8,000 multi-tenant office tower, at the ring-road of Rotterdam, with Tribes, Vodafone and Soltegro as three of its main tenants

All four buildings were acquired by Bayside/Unifore in 2014 as part of a larger value add commercial real estate portfolio in the Netherlands. At that time, except for Karspeldreef, the buildings were partly vacant and/or had short remaining lease contracts. Asset manager and co-owner Unifore managed to successfully extend most existing lease contracts and/or attracted new tenants, resulting in an increase of the overall occupancy from about 60% to 90% and almost doubled the WALL.

The buildings were sold in four separate transactions to four different undisclosed buyers. As Bayside/Unifore managed to close the dispositions within a three year hold period, it was also able to recover the RETT paid in 2014.
In these transactions Bayside/Unifore was assisted by VanDoorne, Savills (Karspeldreef) and Heyen Makelaars (Gooimeer).
 
For more information you can contact Derck Jan Smits at smits@unifore.nl or 31 6 23261770