Deka has bought an Amsterdam office property for its open-ended mutual fund.
The German fund manager said it bought The Edge building from its developer OVG for an undisclosed amount. Press reports suggest the 40,000 sqm building is worth around €200m.
OVG said the sale was the largest in the Netherlands this year.
Accountancy firm Deloitte will move into the property upon completion later this year.
Deka said the fund is investing in high-end, core properties with long leases. Late last year, Deka paid Philips Pension Fund around €215m for the Symphony Offices at the Gustav Mahlerlaan in the Dutch capital.
The purchase was the largest in 2013. The 34,500sqm Symphony, multi-let to tenants including APG and Prologis, was one of the last landmark office towers to be built at Amsterdam’s South Axis.
German investors are again investing in the Dutch office sector as it recovers from high vacancy and low asset values. Earlier this year, Patrizia Immobilien announced it was to open a Dutch office, recruiting Peter Helfrich as managing director.
Despite the renewed confidence in Dutch offices, retail transactions could boost investment volumes this year, according to Savills, Earlier this year, the agent forecast that as much as €4bn could be invested in commercial real estate this year, compared with €3.4bn in 2013.