Amsterdam’s Queens Towers sold to South Korean investor Kiwoom
South Korean investor Kiwoom Asset Management has acquired the Queens Towers office buildings in the Netherlands for €130m.
The asset manager, with the help of AF Advisory and DTZ Investors, has bought the fully-let 28,000sqm office building on Amsterdam’s West Axis.
AF Advisory sourced the investment opportunity and advised on deal structuring and financing.
DTZ Investors acted as the European asset manager and will continue to provide investment and asset management services going forward, with AF Advisory providing strategic asset management input.
David Peacock of DTZ Investors said: “We are delighted to announce Kiwoom Asset Management Company as our newest client through the acquisition of the landmark Queens Towers, Amsterdam.
“This core investment is situated in a location benefitting from excellent transport connectivity and is let off relatively low rental levels, presenting our client with excellent prospects for future growth.”
Alexander Fischbaum, founder of AF Advisory said: “With Queens Towers, we have secured a highly desirable investment for Kiwoom Asset Management in an area with exceptional long-term prospects.
”This is a very attractive transaction, giving our client access to long-term government income at a strong yield, while also benefitting from highly competitive financing and future rental uplifts.”