Dutch property company Breevast has been in talks with several parties to sell a large chunk of a €1bn office portfolio.
Breevast bought the 99 offices in the Netherlands from German fund manager MPC last autumn with the aim of actively asset-managing them.
At one point, private investor HDG Mansur was close to buying a €380m to €450m slice of the portfolio, according to a source.
The sub-portfolio contained regional offices, with quite a few of these in the northern province of Groningen. Breevast is believed to have agreed to a sale, but the deal fell through.
Following the failed sale, Breevast began selling smaller parcels of regional assets to various, often local, buyers.
So far, Breevast has sold about €90m worth of assets and is expected to continue making selective disposals, another source said.
Breevast’s purchase of the MPC portfolio has been hotly debated ever since it was struck in November. Breevast accepted a 5% yield on the portfolio of older, multilet office buildings with a 17% vacancy rate across the portfolio.
Credit Suisse financed 90% of the total acquisition costs of €1.1bn. Insurance company AIG provided most of the equity.
Credit Suisse also financed the purchase of a €1.2bn-plus portfolio by Fordgate earlier this year. The UK private investor, which bought the portfolio from Bankhaus Wölbern, has made no move to sell assets out of the portfolio.
