NSI acquires Cobra portfolio from JV Goldman Sachs / OVG

NSI acquires Cobra portfolio from JV Goldman Sachs / OVG

Goldman Sachs and OVG Real Estate have sold the Cobra portfolio to Dutch investor NSI. In a joint venture with Goldman Sachs, OVG Real Estate acquired the portfolio, formerly known as Unicum CV, from CBRE GI in 2013.

The Cobra portfolio, which has been acquired by NSI, totals approximately 56,509 m2 and consists of seven office buildings: Vivaldi Offices I & II, Centerpoint I & II in Amsterdam; Alexanderhof and Alexanderpoort in Rotterdam and Binnenhof in ’s Hertogenbosch.

Boudewijn Ruitenburg, Director Investments, OVG Real Estate: ‘’Since the portfolio acquisition in 2013 we have added significant value through active asset management, thereby increasing the overall occupancy rate. We have also made the buildings more sustainable and healthier places to work. It is the right point in the current cycle for a long-term investor such as NSI, to acquire this portfolio. For OVG, the success of the Cobra portfolio is a testament for our strategy to focus on improving existing real estate assets.

''For OVG, the success of the Cobra portfolio is a testament for our strategy to focus on improving existing real estate assets.”

OVG Asset Management Netherlands BV was the asset manager of the portfolio. Over a period of two years, OVG’s active asset management strategy, led to portfolio optimization, through its usual customer-centric way of operating, and has resulted in lease extensions of ca 30% of the total lettable floor area (LFA) or 17.000 m2, reducing the vacancy rate to only 3%. OVG has also made the portfolio more sustainable. In 2014, office building Alexanderpoort in Rotterdam was awarded ''Healthiest workplace of the Netherlands" and OVG was designated ''Most sustainable real estate investor of the year" by JLL. Recently, OVG achieved Green Star status according to GRESB (Global Real Estate Sustainability Benchmark).

Involved Parties
During this transaction NSI received advice from Houthoff Buruma and EY. Goldman Sachs and OVG were represented by Loyens & Loeff and CBRE.