Avignon Capital and Cedrus Invest Bank have bought a newly-developed office building in the Netherlands for €24.4m.

The European property investor and the Lebanese bank have joined forces to buy the 6,650sqm Danzigerkade 16 asset located in Houthaven in Amsterdam West.

The building is multi-let to a number of creative tenants.

This deal marks Avignon Capital’s fourth acquisition in the Netherlands, following the purchase of the NH Hotel, Hyatt Place Hotel and Organisation for the Prohibition of Chemical Weapons in 2017.

Phil Walker, a senior investment manager at Avignon Capital, said: “The Amsterdam office market continues to be of interest and this acquisition offers us the opportunity to acquire a brand-new building in a developing area of Amsterdam at a significant discount to prime rents and yields.

“We will be able to take advantage of the positive market developments in Houthaven coupled with increasing occupier demand.”