Private equity-backed investor puts prime €270m portfolio on the block

KKR and Mirastar have put a portfolio of three Dutch assets up for sale that are expected to fetch around €270m, React News can reveal.

The duo has appointed CBRE and Savills to market Project Tristar, which is made up of “ultra-prime” warehouse projects that have all recently completed. The price that bids are expecting to be made at would reflect a yield in the region of 3.25% considering the portfolio’s €8.8m per annum rent roll.

Totalling 126,493 sq m, the projects in Bleiswijk (48,498 sq m), Roosendaal (43,484 sq m) and Schipol (34,510 sq m) are 86% leased to five tenants with an average unexpired lease term to break of 8.3 years and have an average passing rent of €69.60/sq m. Two of the assets are rated BREEAM Excellent and one Very Good.

Despite the 17,344 sq m vacancy remaining within the portfolio, the strength of the underlying Dutch occupational market is expected to see this taken up in short order.

3 Feb 2022 | by Elena Dragulele, David Hatcher