AXA IM Alts has acquired a 25,000sqm iconic office building in the Netherlands with a plan to redevelop the asset to include a new 6,000sqm multi-tenant office.
The alternative investments firm, investing on behalf of clients, has paid an undisclosed sum to buy the office building located on Coolsingel in the centre of Rotterdam from ABN AMRO.
The asset was originally constructed in two phases in the 1950s and 1990s.
AXA IM Alts said it expects to redevelop the asset with developer Provast. The project will begin in the third quarter of 2023.
The manager said ABN AMRO has agreed to re-lease 3,000sqm of the building and will participate in the redevelopment.
Marc Kramer, the head of development in Benelux at AXA IM Alts, said: “Demand continues to rise for high-quality office space with market-leading sustainability credentials. In Rotterdam, the demand for this best-in-class space has been accelerated by the rapid growth of the city’s young professional population, which is increasingly attracting occupiers, particularly in the tech and financial services sectors, to workspace in Rotterdam’s CBD.
“This acquisition presents an attractive opportunity for AXA IM Alts to leverage its extensive refurbishment and development expertise to address the city’s acute undersupply of this Grade A office space, delivering a scheme with strong sustainability credentials in an exceptional inner-city location.”
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