Garbe sells Dutch office portfolio to Novaxia fund

Garbe sells Dutch office portfolio to Novaxia fund

Garbe Institutional Capital has sold six office properties in Dutch metropolitan regions to SCPI Novaxia NEO, a fund managed by Novaxia Investissement.

The properties are located in Rotterdam, The Hague, Utrecht and Hilversum.

The core portfolio encompasses approximately 44,000 sqm of high-quality office space and more than 1,100 sqm of retail space.

The portfolio shows an occupancy rate of 97 percent, offering a well-diversified tenant structure with 65 tenants and an average remaining lease term of more than 5 years.

Mathieu Descout, President of Novaxia Investissement, says: “We are continuing the European diversification of the Novaxia NEO portfolio through these six new acquisitions in economically strong cities. In 2023, we will continue our acquisition strategy with diversification both geographically and in terms of building type.”

Michiel Dubois, Managing Director Garbe Institutional Capital, says: “We successfully executed another part of our long-term disposal strategy for one of our funds under management. The transaction is a healthy signal for the Dutch commercial real estate market. It shows that the demand for premium office properties remains at high levels in the current market environment.”