Barings Real Estate has made its first deal in the Benelux by acquiring the Amstel Building for more than €100m.

The investment manager bought the office building in Amsterdam from Cromwell Property Group in an off-market transaction.

Barings said the deal is part of its pan-European core investment strategy.

The property has a gross lettable area of 21,900sqm across 13 floors, including around 20,000sqm of offices and 1,900sqm of storage facilities, meeting rooms and restaurant space.

Barings said the building, which is fully let to a mix of 14 tenants, also benefits from a 382 space underground car park.

Barings added that the property offers the potential for reversion with existing rent levels for the building below market levels.

Gunther Deutsch, the European head of transactions at Barings Real Estate, said: “This is our first investment in the Benelux. The improving micro-location, institutional quality and fully let nature of the building convinced us of the merits of this transaction. 

“In addition to offices, we will also be considering hotel and logistics opportunities in the region. Forward funding is a route we might also consider going forward.”