Rockspring completes disposal of Le Mirage office building, Utrecht

Apr 2018

Le Mirage 2018.JPG

Rockspring Property Investment Managers LLP (“Rockspring”), a PATRIZIA company, has completed the disposal of Le Mirage, an iconic multi-let office building in Utrecht, to the New York based investment fund HighBrook Investors, on behalf of a separate account client. The transaction has been undertaken by Rockspring earlier than anticipated, with the business plan for the asset having been implemented ahead of schedule following high levels of occupier demand for space in the property.

The successful lettings programme at Le Mirage includes the completion of five new leases in Q3 and Q4 2017, totalling 3,358 sqm across five floors, to InControl Group a specialist staffing and servicing company, Docdata online payments, Cycleon Netherlands B.V., a leading supply chain and service integrator, the recruitment agency Timing, and software company BLOXS. These lettings added to the nine lettings Rockspring had already secured at Le Mirage since it acquired the property in June 2015. Each new tenant signed a five year lease, in line with Dutch market practice.

Located at The Europalaan, a business district in Utrecht, Le Mirage, which was developed in 2008, was designed by the architecture firm Kohn Pedersen Fox and comprises 18,500 sqm of high quality office space across 21 floors, including a recently renovated ground floor reception with business lounge and a Vascobelo operated espresso bar. The area immediately surrounding the building has undergone significant improvement in the last [3] years with a number of international private equity groups committing to student housing developments, as well as other neighbouring assets.

Laurien van Wieringen, Head of Asset Management in Benelux for Rockspring commented:

“Our achievements in swiftly re-positioning this underperforming office asset, by applying proactive local asset management to successfully boost occupancy, NOI and value for our client, is reflected in our ability to dispose of the asset into a strengthened market well ahead of our initial schedule.

“We believe this is the perfect time for us to crystallise returns for our client, during a period when the office markets in major Dutch cities outside of Amsterdam are continuing to experience strong growth in occupier demand.”

Rockspring was advised by CBRE, Loyens Loeff, and KPMG.

Rockspring