KGAL Investment Management has acquired a 9,200sqm office property in the Netherlands on behalf of a pan-European fund.

The €16.5bn asset manager said it has bought the Westerlaan 10 property in Rotterdam which serves the headquarters of Dutch tank-storage company Vopak until 2035. Financial details were undisclosed.

André Zücker, managing director and head of real estate of KGAL Investment Management, said with the largest port in Europe, Rotterdam is considered “Europe’s gateway to the world” around 54,000 companies are located in the second largest city in the Netherlands.

“However, Rotterdam is not only an important trading centre but also offers a high quality of life – and unlike Amsterdam, for example, it does so at reasonable prices. This is why Rotterdam is popular with both companies and professionals.

“The limited availability of high-quality office space, in particular, is in high demand, which can also be seen in the low vacancy rates.”

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