Cording expands Benelux Commercial Real Estate Fund with office acquisition in Amsterdam01 June 2018
Cording Real Estate Group, the Northern European real estate investment and asset management firm, has acquired a 3,300 sq m office building in the centre of Amsterdam as an addition to its Benelux Commercial Real Estate Fund.
Located adjacent to Dam Square, the property at Nieuwezijds Voorburgwal 162-170 has been purchased from a private investor and is occupied by Mindspace, the international co-working space provider. The five-storey property was originally constructed in 1888.
René de Heus, Head of Investment Benelux at Cording Real Estate Group, said: “We are pleased with the acquisition of this historic building which is located in a prime position in Amsterdam’s city centre. By investing in the best locations within the Benelux we continue to build a sustainable and future-proof portfolio. Despite the strong competition, this transaction demonstrates the capability of our local team to identify the right assets. Furthermore, this transaction again emphasises the strong transaction security Cording provides for vendors.”
The open-ended special fund, Benelux Commercial Real Estate Fund, was launched in December 2016 to invest in office and retail property in the Netherlands, Belgium and Luxembourg. The fund’s focus is on properties with diversified cash flows located in economically strong cities. The fund has a gross target volume of €400 million that includes €250 million of equity.
In this transaction Cording was advised by Cushman & Wakefield, Van Doorne provided legal and tax advice. Malcolm Hollis provided technical support.