Commerz Real has sold an Amsterdam office tower to Real IS.
The German fund manager’s open-ended hausInvest fund has sold the Alpha Tower in the Dutch city for around €55m.
The 20,000sqm building, at De Entrée 11-97 in Amsterdam-Zuidoost, is fully-let to a mix of tenants including American Express and Adidas.
“We have made optimum use of the market cycle to make further strategic adjustments to our Holland portfolio,” said Mario Schüttauf, fund manager at hausInvest.
The deal is the 12th investment Real IS has made for its BGV VI fund, which concentrates on core and core-plus investments in the euro-zone with an emphasis on the Benelux countries as well as Germany and France.
Preference is given to office and retail property, with the fund also investing in logistics properties and budget hotels.
“In the Alpha Tower, we have acquired a state-of-the-art property in one of Amsterdam’s largest office sub-markets,” said Jochen Schenk, board member of Munich-based Real IS.
“The southeast sub-market to the north is distinguished by its very good location as well as its multi-functional usage and diversified tenant structure.”
The building was refurbished in 2015.