White Estate Investments concludes deal Penta portfolio
19-02-2008
On 19 February 2008 White Rock Investments III took over the Penta portfolio from the English fund Cambridge Place Investments Ltd. As asset manager of White Rock Investments III, White Estate Investments was responsible for this acquisition. The total investment amounted to 68 million euros. The final sales contract was signed at the end of 2007.
The portfolio comprises 4 properties: a shopping centre with offices in Rotterdam; an office building in Capelle aan den IJssel (let on a short-term lease to KPN); a large office building with a lettable floor area of 11,000 sqm located in the centre of Utrecht which is let to the municipality and to the Government Buildings Agency, as well as a fine office buildilng in the Port of Rotterdam let on a long-term lease to the Port Authority. The total lettable floor area of this portfolio is approx. 31,915 sqm, together with some 537 parking spaces.
The portfolio was sold by private tender. In this transaction Jones Lang Lasalle acted as the adviser to Cambridge Place and Savills advised White Estate Investments.
White Rock Investments III, a 100% subsidiary of White Lane Holding, is an initiative of an investment consortium affiliated to White Estate Investments with value creation as its object.
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