Union Street acquires Parktoren, Arnhem from Chalet Group
Union Street Investments announced the acquisition of the office building known as “Parktoren” in Arnhem from Chalet Group. Union Street is a platform that was created in 2015 in order to build a leading real estate business in the Netherlands across multiple real estate verticals. It is owned and was established by affiliates of Monarch Alternative Capital LP, a private investment firm with expertise in real estate.
Parktoren is a Grade A office building, comprising 7,500 square meters spread over 16 floors and located next to the UN Studio-designed Arnhem railway station. The property is currently 67% leased to multiple tenants including Regus, ING and De Staaat de Nederlanden. It was constructed in 2005 along with the adjacent property “Rijntoren”. Both properties have a highly distinctive design and contribute to the newly regenerated area radiating out from the central railway station.
With the acquisition of this portfolio, Union Street has further expanded its growing real estate portfolio within the Netherlands.
Union Street was commercially advised by Spring Real Estate during the transaction. Spring Real Estate will be responsible for the ongoing asset management of the portfolio. In addition, Union Street was legally advised by Loyens & Loeff. Chalet Group was commercially advised by Cushman & Wakefield and legally advised by Dentons Boekel.
If you would like more information about the transaction or to enquire about the remaining vacant space to capitalize onin the building, please contact Sjors van Iersel or Robert Jan Buis at Spring Real Estate by visiting www.springrealestate.com.
About Spring Real Estate
Spring Real Estate is a transaction-based real estate services firm with a team of highly educated and analytically skilled employees. The company was founded eight years ago and has grown in record time to become a ‘Top 15’ firm within the Dutch market.
Spring distinguishes itself by using technology and data combined with a strong focus on long term relationships to deliver a structured sales approach and research-driven advice.
About Union Street Investments
Union Street Investments is a platform created by Monarch Alternative Capital LP in 2015 that focuses on purchasing high quality buildings in the Netherlands. Including the Parktoren acquisition, Union Street has acquired 39 buildings since inception. The platform is exclusively asset managed by Spring Real Estate and focuses on purchasing buildings which have asset management or development upside potential. It currently holds ten properties totalling over 75,000 square meters which are located in markets such as Amsterdam, Rotterdam and The Hague amongst others. Union Street is currently in expansion mode and is evaluating numerous additional opportunities to further grow its portfolio.
About Monarch Alternative Capital LP
Monarch Alternative Capital LP is a global investment firm founded in 2002 with approximately $5 billion in assets under management. Monarch focuses primarily on opportunistic credit and distressed situations across corporate debt, real estate, special situations, and other parts of the credit markets. Monarch has invested over $40 billion in its strategy while maintaining a consistent and repeatable approach. While disciplined in approach, Monarch’s dynamic sourcing enables the firm to capitalize on overlooked and niche areas on a global basis. Monarch draws on the skills and experience of 69 employees, including 23 investment professionals, across its offices in New York and London.
Monarch has a long and successful history of investing in opportunistic real estate focused on areas that leverage Monarch’s core tenets. In addition to significant internal resources, Monarch has substantial relationships with operating partners and advisors that it works with to help create value.
For more information about Monarch, please visit www.monarchlp.com.
