LONDON/AMSTERDAM, 25 April 2018 – Real estate private equity firm HighBrook Investors announced today that it has completed the acquisition of the Mesdag Delta portfolio. HighBrook secured the transaction on an off-market basis through partnering with the existing owner Breevast to structure a portfolio recapitalization. The deal was structured and closed within approximately 30 days.
As a result of the transaction, Breevast has now repaid the existing €615 million loan in full. The planned foreclosure sale on 15 May 2018 will not take place and Breevast has withdrawn its appeal that was placed on the agenda for 26 April 2018.
The portfolio consists of 56 assets spread throughout the Netherlands totalling 456,000 square meters. Included are a number of monumental trophy buildings in the city centre of Amsterdam as well as light-industrial properties and large grocery anchored retail centres. Over 50% of the portfolio is located in Amsterdam and nearly 70% is located within the greater Randstad area.
Breevast retains full responsibility for the property, asset & development management of the portfolio. HighBrook Investors and Breevast have drawn up a proactive value-add asset management strategy and business plan for the portfolio.
This transaction marks HighBrook’s 12th investment on the Dutch market within the last 18 months. The firm has now acquired nearly 100 properties totalling 620,000 square meters throughout the Netherlands and is actively working on multiple pending transactions, including but not limited to the acquisition of the iconic Groothandelsgebouwen in Rotterdam.
Loyens & Loeff and Bryan Cave Leighton Paisner acted as advisors for HighBrook Investors in this transaction. Breevast was advised by Dentons Boekel and CMS. BNP Paribas Real Estate was deal advisor to both HighBrook Investors and Breevast.