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Union Street acquires portfolio from Propertunity

Union Street acquires portfolio from Propertunity

Union Street Investments announced the acquisition of a real estate portfolio from Propertunity, consisting of two assets in Amsterdam and one asset in Zwolle. 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.

In Amsterdam, Union Street purchased an office building at Paasheuvelweg 1 and an office building at Elsrijkdreef 201–207. The property at Paasheuvelweg 1 was developed in 2005. It comprises approximately 4,400 square meters and is leased to multiple high-quality tenants. The office building at Elsrijkdreef 201-207 was developed in 2002. This property consists of 6,750 square meters, with its largest tenant being Royal BAM Group.

In Zwolle, Union Street acquired the Diezerpoort shopping centre, comprising approximately 7,000 square meters of retail space. In addition, Diezerpoort has 4,700 square meters of office space, spread over four office floors. The shopping centre is rented by 11 different tenants. The majority of the space is let to Lidl and tenants belong to the Ahold group.

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. Propertunity was commercially advised by BNP Paribas and legally advised by Allen & Overy.

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 Propertunity 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.

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