German asset manager Real IS has acquired a Rotterdam office complex occupied by multinational consumer products group Unilever for EUR 86 mln. The 22,000m[sup]2[/sup] property at Weena 455-457 in the Dutch port city was sold by BPF Bouwinvest, the real estate division of BPF Bouw, and the pension fund foundation Unilever Nederland 'Progress'.
German asset manager Real IS has acquired a Rotterdam office complex occupied by multinational consumer products group Unilever for EUR 86 mln. The 22,000m2 property at Weena 455-457 in the Dutch port city was sold by BPF Bouwinvest, the real estate division of BPF Bouw, and the pension fund foundation Unilever Nederland 'Progress'.
The Dutch division of Unilever recently signed a new 10-year rental agreement for the high-rise portion of the property. The lower element is leased to educational institute Tio.
The sale is the latest stage in the process begun earlier this year by Unilever's Dutch pension fund to sell off its direct residential and commercial property holdings in the Netherlands in order to focus on strategic investment in non-listed international real estate funds.
Real IS, a subsidiary of German bank BayernLB, carried out the transaction on behalf of one of its funds for institutional investors.
CB Richard Ellis acted for BPF Bouwinvest and Progress, with De Brauw Blackstone Westbroek providing legal advise. Rietmeijer Huisvestingsadviseurs provided technical due diligence. NL real estate, which has a cooperation agreement with Knight Frank, and Allen & Overy advised Real IS.
