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Dutch investor bankruptcy leads to one of the largest property auctions | 3 October 2012

Dozens of commercial properties owned by bankrupt Dutch investor Eurocommerce are to be sold in what has been described one of the Netherlands largest property auctions.

The auction, which takes place on October 29, will include 44 office buildings with a total floor space of 270,000 square metres. It also includes the stadium of local football club Vitesse Arnhem.

The 25,000-seater stadium, called The Gelredrome, is one of 17 buildings in Arnhem which will be sold at the auction. According to arnhem.dichtbij.nl, these buildings include The Rhine Tower, The Park Tower and The K2 Tower.

Colliers International has been appointed to act as director for the auction.

Speaking to pie-mag.com, Colliers auction specialist Henk Dopheide claimed: “This auction will be one of the largest auctions the Netherlands has ever seen.”

The auction tales place in EAOGV auction house in Amsterdam. No valuation estimates were provided.

Eurocommerce went bankrupt in July 2012. At the time of bankruptcy, they owned a portfolio containing 383,000 square metres of office space, but could only manage to lease out 54 per cent of this.

Since the bankruptcy, there has plenty of rumours suggesting Vitesse Arnhem may look to move to a bigger stadium in a different area of the city.

Written by Joe Elvin on behalf of Qube Global Software

While posted by Qube Global Software all views expressed are not necessarily those of the company. All facts are verified where possible directly by the author.

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