European real estate investor Edge has acquired the nieuwAmsterdam office building in the capital of the Netherlands as part of its plan to acquire properties with significant “value-add potential”.
IPE Real Assets understands that CBRE Investment Management’s CBRE Dutch Office Fund sold the asset, located at Bijlmerdreef 51, Hoekenrode 1-6, 8 and 10, and Hoogoorddreef 50 in Amsterdam-Zuidoost for €120m.
The asset comprises approximately 40,400sqm of office, food & beverage and hotel space.
Edge said it will apply “its active asset management approach to enhance both the quality and long-term performance of the building”.
Onno Saes, executive director of transactions at Edge, said: “This acquisition aligns with our strategy of acquiring standing assets in strategic locations where we can add value through active asset management in combination with our in-house development skills.
“With its excellent transport links and future development potential, nieuwAmsterdam is a strong addition to our portfolio. Following our work on ING’s Cedar headquarters and the current redevelopment of ABN AMRO’s home base at Foppingadreef, we are excited to further improve the quality of assets in Amsterdam-Zuidoost.”
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