Investment Management

Onze benadering op investment management is gebaseerd op ons bottom-up House View-proces, dat duidelijk maakt wat volgens ons de beste investeringsmogelijkheden zijn in de door ons gekozen markten.

Ons investment management team houdt de lokale markt goed in de gaten om strategische mogelijkheden in de Benelux te identificeren en het rendement voor de belegger te maximaliseren.

Onze gestructureerde investeringsmethode omvat grondig economisch en lokaal onderzoek, informatie over huurders en analyse van objecten. Een en ander wordt gemanaged door middel van een grondig due-diligence-proces, met afweging van alle (milieu)technische, financiële, structurele en juridische aspecten.

We benaderen eigenaren, ontwikkelaars en gemeentes in de Benelux proactief. Tegelijkertijd onderhouden we uitstekende relaties met nationale en lokale makelaars, voor de identificatie van mogelijkheden die stroken met het principe ‘slim kopen, waarde toevoegen, slim verkopen’.

In de Benelux zijn we op het moment actief op zoek naar hoogwaardige investeringsmogelijkheden in de industriële sector, de kantoorsector en out-of-town-retail.

Wilt u meer weten over onze investeringscriteria, neem dan contact op met ons Benelux-team.

The Mark Rotterdam

Equinox Portfolio

The Equinox Portfolio was Cromwell’s first joint venture with US private equity partner, Angelo, Gordon & Co in 2014. The mandate comprised the acquisition of a portfolio of nine office buildings, totalling 50,198 sq m, in the Randstad and Groningen conurbations.

With a 20% vacancy and three year weighted average lease expiry across the portfolio at the time of acquisition, a strategy was put in place to comprehensively reposition the assets which were under-managed and under-capitalised. This required a bottom-up approach, to better understand the tenants’ needs, in order to satisfy and retain the existing tenants.

At certain assets, transformational building works were identified to reinvent and change the market perception of the asset amongst occupiers and agents. Supplier contracts were also restructured with the implementation of a best-in-class management model across the portfolio

Dutch Offices I & II

Cromwell was appointed in 2013 to manage the Dutch Offices I & II portfolios, comprising eight office assets and 48,000 sq m of space in the Randstad conurbation, Groningen, 's-Hertogenbosch and Tilburg. This was a consensual restructure mandate awarded by an insolvency administrator.

At the time of appointment, the portfolios had a void rate of 24%, with the existing tenants dissatisfied and limited demand from new tenants.

The local Benelux team actively engaged with the existing tenants to address their property issues and enable leases to be regeared. A marketing programme to attract new tenants was implemented and refurbishment of vacant space was also undertaken.

As a result, the void on the portfolios was significantly reduced and individual asset business plans were successfully executed, enabling a phased sales programme to take place.

ECREL

Cromwell was appointed in 2010 to asset manage the European Real Estate Commercial Limited (ECREL) portfolio, comprising 53 assets in Europe, of which eight office buildings were located in the Netherlands.

At the time of appointment, the existing tenants of the eight office assets were dissatisfied and the appetite for this type of office space in the market was limited.

The local Benelux team implemented an active asset management strategy consisting of several different elements which included resolving the issues of the existing tenants and renegotiating leases where appropriate. Major refurbishment opportunities were identified across the portfolio, so that assets could be repositioned and the market perception changed in the eyes of tenants and agents.

This activity resulted in a 16% increase in the occupancy rate, taking the weighted average lease expiry to four years. Subsequently, the Dutch of ECREL were successfully sold in 2015.