Triodos Vastgoedfonds N.V., the sustainable real estate fund of Triodos Investment Management, has taken a next step in the process of ending the fund's activities. The fund has concluded an agreement with two parties to sell the properties in its portfolio. The property on the Herengracht in Amsterdam has been sold to HighBrook Investors, a private equity real estate investor. The remaining 15 properties in the portfolio have been sold to a foundation that intends to continue the sustainable exploitation of the portfolio.
Triodos Vastgoedfonds has sold the entire portfolio above book value for an amount of EUR 117 million. Transport of the properties in the portfolio is foreseen for mid-September, after which the process to end the fund’s activities will be continued further. After repayment of outstanding borrowings and settlement of costs, the fund will move forward with the payment to shareholders, taking into account all ongoing obligations until the moment of liquidation of the fund.
At this point in time it is too soon to indicate when the payment to shareholders will take place and what the payment amount per share will be exactly. As soon as more information about this is available, it will be shared with the shareholders in the fund.
Triodos Vastgoedfonds was advised in this transaction by BNP Paribas Real Estate as selling agent for the real estate and by Lexence as legal and tax advisor. HighBrook Investors worked in collaboration with its operating partner REB and its legal advisor Loyens & Loeff.