A Dutch office portfolio, known as Project Bishop, has been sold by a combination of multiple sellers to Harbert Management Corporation (Europe) LLC, as advisor to Harbert European Real Estate Fund V LP, a pan European real estate fund manager.
Project Bishop consists of 3 separate portfolios (Queen, Rook and Knight) that comprise a total of 12 assets predominately located in the Randstad area in the Netherlands. In total, the portfolios cover a total lettable floor area of 69,000 sq m and benefit from an occupancy rate of 81%. The combined portfolio offers an excellent combination of secured income and value-add potential.
The Sellers were advised by CBRE (commercial) and Allen & Overy (legal). Harbert, who bought this portfolio in a joint-venture with the Dutch asset manager Quan Investors, was advised by Savills (commercial), GT Law (legal) and SGS Search (technical).