New York-based Time Equities Inc. (TEI) today announced the acquisition of 12 single and multi-tenant office assets throughout the Netherlands for $48 million.
The announcement comes on the heels of the firm’s golden milestone of 50 years, as it continues to witness strategic growth throughout the United States and international markets, including Canada and Germany.
The DAF portfolio, currently the firm’s largest collection of acquisitions in the region, is comprised of seven fully leased single-tenant and four multi-tenant assets. It was purchased for just over $36 million.
In addition, TEI acquired Daalsesingel 51-71, an office building located at 3511 SW Utrecht fro $12 million from ABN AMRO Bank N.V.
Aaron Medeiros and Jonathan Dulberg represented Time Equities Inc. on the acquisition of the eleven-building portfolio. Cushman & Wakefield represented the seller Dutch Active Fund PropCo B.V. Medeiros and Dulburg represented the acquisition on behalf of TEI.
“As Time Equities Inc. continues to strategically acquire properties that reflect favorable economic conditions and align with our business objectives to date, we have identified the value presented by Europe’s evolving real estate market. Considering the country’s consistent rate of public and private sector growth since 2008, the Netherlands offers a worthwhile opportunity to expand our international footprint,” said Francis Greenburger, founder and CEO of TEI.
“We’re proud to have made it to our 50th anniversary and we’re looking forward to capitalizing on opportunities to continue our stabilized and consistent growth across the globe. Our portfolio in the Netherlands provides an ideal value-add opportunity, as it stands at a 70 percent occupancy rate. With the successful collaboration between our partners, we aim to reach full occupancy across all properties.”
TEI’s international commercial, office and residential portfolio currently spans 27 states across the United States, Canada and Europe.