A Dutch private equity firm sold the iconic office building Black Box to Xior Student Housing. This is a Belgian real estate company specializing in student housing. The private equity firm acquired the office at Eendrachtskade Zuidzijde 2 in Groningen in March earlier this year from an Irish investors group.
The Black Box is an office building of twelve floors with 15,500 sqm of office space and 180 parking spaces. The building is momentarily vacant and is being redeveloped into a multifunctional complex for students. The opening will be in the final quarter of 2020.
Xior already has a residential complex in Groningen at Oosterhamrikkade with 180 student rooms. With this acquisition, Xior further strengthen its position in the third biggest student city in the Netherlands.
The transaction price was 46 million euros with a gross initial yield of 6.2%. Real estate advisor Colliers International advised the private equity firm during the acquisition process in March and the recent disposal process.
The Black Box is an office building of twelve floors with 15,500 sqm of office space and 180 parking spaces. The building is momentarily vacant and is being redeveloped into a multifunctional complex for students. The opening will be in the final quarter of 2020.
Xior already has a residential complex in Groningen at Oosterhamrikkade with 180 student rooms. With this acquisition, Xior further strengthen its position in the third biggest student city in the Netherlands.
The transaction price was 46 million euros with a gross initial yield of 6.2%. Real estate advisor Colliers International advised the private equity firm during the acquisition process in March and the recent disposal process.
