News

  • BREEVAST ACQUIRES TWO ASSETS IN BEVERLY HILLS, LOS ANGELES

    AMSTERDAM, 8 April 2019 – Breevast has completed an investment in two office buildings on Wilshire Boulevard in Beverly Hills, Los Angeles, for USD 153.5 million. These investments confirm Breevast’s strategy as an active long-term investor with a sustainable presence in the United States.
     
    Breevast has acquired an office building on 8942 Wilshire Boulevard, located in the highly coveted epicenter of Beverly Hills, Los Angeles. This single tenant building is fully long-term leased to high profile entertainment industry tenant Paradigm Talent Agency.
     
    In addition, Breevast completed the purchase of an office building on 4525 Wilshire Boulevard, which has been extensively renovated as a creative modern workplace and is strategically located in the middle of the Beverly Hills, Hollywood and downtown Los Angeles business triangle. This multi-tenant building is leased to a variety of leading firms engaged in the entertainment industry.
     
    The total investment in the two Wilshire Boulevard properties was USD 153.5 million. Financing was provided by two banks including Aareal Capital Corporation; building on Breevast’s strong track-record of activity in the United States such as the recent divestment of an office building on 345 Brannan St. in San Francisco which was long-term leased to Dropbox.
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  • BREEVAST SELLS SAN FRANCISCO ASSET FOR RECORD PRICE

    AMSTERDAM, 31 January 2019 – Breevast has sold its office building on 345 Brannan St. in San Francisco, which it developed in 2014-2015, to Kilroy Realty Corp. for USD 146 million.

    Breevast developed the office building of approximately 12,500 square meters with adjoining parking spaces located in the South of Market (SOMA) district in San Francisco in 2014-2015, after it had acquired the location in 2004 as a parking lot. At completion, the asset was leased on a long term lease agreement to Dropbox, which made it part of the corporate campus of Dropbox totaling approximately 30,000 square meters. Within this framework, Breevast collaborated with Kilroy Realty Corp., a Los Angeles based NYSE company, that delivered an additional 17.500 square meters of space for Dropbox.

    According to American based media, the sales of this asset for USD 146 million to Dropbox campus co-owner Kilroy which was closed last December, sets a new record high in transaction prices per square meter of office space in San Francisco.

    Apart from the sales of the Dropbox-building, Breevast has two investment buildings under contract on Wilshire Boulevard in Beverly Hills, Los Angeles, for an amount of USD 154,5 million. The closing of this purchase will take place in the coming months.

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  • BREEVAST PUBLISHES ANNUAL ACCOUNTS 2017

    AMSTERDAM, 3rd October 2018 – the general meeting of shareholders of Breevast B.V. has recently established the annual report of 2017. In 2017, the group result after tax amounted to over EUR 165 million and the equity position showed further growth.
     
    The group equity per year-end 2017 amounted to EUR 594,3 million (2016: 441,9 million). The solvability in 2017 further increased to 68% (2016: 59%) and the group result after tax amounted to over EUR 165 million (2016: 188,1 million).
    For Breevast, the past year was characterized by a strategic reorientation in which the development in mainly large-scale urban areas for its own portfolio is identified as the most important core activity. The development portfolio of the group to which Breevast belongs, amounts to approximately 700.000 square meters of commercial and residential real estate in The Netherlands, Belgium, Germany and Luxembourg. Approximately 550.000 square meters of this pipeline is located on central locations in the Randstad area and in Eindhoven. In Frankfurt, the group owns a development site for approximately 120.000 m2 square meters of residential real estate.
    Breevast will not be disinvesting its largest Belgian asset, the Finance Tower, but hold this as an investment.
    After completion of the development of the headquarters of Dropbox in San Francsico, this asset was sold to an institutional investor. Breevast explores new investments in the United States to further expand its American investments.

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