AEW fund buys Europastaete office building in the Netherlands

Real estate manager AEW has acquired an office asset in the Netherlands on behalf of one of its funds.

AEW said it bought Europastaete in Utrecht for €33m from Kildare Partners. The European private equity fund Kildare in conjunction with its in-house asset manager, Curzon Advisers, purchased Europastaete as part of the Aqua portfolio last year.

Built in 1985, Europastaete comprises two adjacent office buildings located in Kanaleneiland. Both buildings, which together comprise over 16,000sqm, are fully let.

AEW said the asset offers a number of opportunities for further value creation due to its flexible layout and underlying land value, as well as the potential for lease regearing.

Russell Jewell, the head of private equity funds for AEW in Europe, said: “Europastaete is located in one of the strongest office markets in the Netherlands and is well positioned to benefit from the robust economic recovery in Utrecht.

“The immediate Kanaleneiland area offers attractive long-term potential, particularly given the city’s vision to increase residential use in the area.”