Cording acquires new office property in Amsterdam for Benelux Commercial Real Estate Fund18 September 2017
Cording Real Estate Group and Warburg-HIH Invest Real Estate have acquired an office property in Amsterdam for their Benelux Commercial Real Estate Fund.
Cording, a European real estate investment and asset management firm concentrating on Germany, the UK and the Benelux countries, will be responsible for the asset management of the property. The parties have agreed to keep the purchase price confidential.
The building, situated at Herengracht 258-266, provides around 5.100 sq m of office space. It is fully let to Wieden+Kennedy, the American advertising agency. The listed property, which dates from the 17th Century, comprises two formerly separate buildings that were first interconnected in 1964. Each of the six floors provides 800 sq m of accommodation. There is a staff restaurant and gym area on the ground floor of the fully-modernised building. The special features of the property include a garden, complete with summerhouse and a roof terrace.
René de Heus, Director of Investments for Benelux at Cording, said: "In less than 12 months, the Fund has concluded six acquisitions in four Dutch cities, investing a volume of €100 million. This emphasises the ability and strength of our Amsterdam team, which is proving very successful even in an intensely competitive market. The 5,100 sq m of contiguous office space on this site is unique in this location".
Van Doorne, Stevens van Dijck and KPMG advised the purchaser, while Cushman & Wakefield and Houthoff Buruma acted for the vendor. The transaction was facilitated by Swisslake.
The open-ended special AIF, Benelux Commercial Real Estate Fund, was jointly launched by Cording and Warburg-HI Invest in December 2016, as an individual mandate for Helaba Invest and another institutional investor. The fund invests in office and retail property in the Netherlands, Belgium and Luxembourg. It concentrates on properties with diversified cash flows, in good locations in economically strong towns and cities. The fund has a gross target volume of €300 million, including around €200 million of equity. The planned investment period is two years. The envisaged net distribution yield for the fund investors is 4% per annum.
Photocredit: Cushman Wakefield
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