Valad Europe is building a 鈧�500m portfolio of Dutch properties for an unnamed investor.
The Valad Netherlands Diversified Partnership (VNDP) will invest in core-plus and value-add real estate, targeting the office, industrial and out-of-town retail sectors.
In an identical strategy to that used by Valad for its Valad Central Europe Retail Partnership (VCERP) , the new Dutch venture is seeded with 鈧�200m of equity, resulting in the use of 60-70% leverage.
VNDP鈥檚 first deal, a 鈧�140m portfolio of six office and retail assets, was bought from listed Franco-Dutch company Unibail-Rodamco.
The 53,000sqm UNO portfolio was bought with finance provided by ING.
Investment manager Valad said it would look to acquire good-quality, well-located real estate, targeting both single assets and portfolios ranging from 鈧�10m to 鈧�100m.
Christian Bearman, Valad Europe head of corporate development and operations, said valuations and occupancy levels in some Dutch sub-markets were currently 鈥渙ut of sync with the underlying economic recovery鈥� and provided an 鈥渁ttractive, counter-cyclical opportunity鈥� to invest.
Valad Europe has an overall investment capacity of 鈧�5.6bn, of which 鈧�1.8bn is aimed at the Netherlands, Central Europe, Germany, France and the UK.
