Korean investors Hana Alternative Asset Management and NH Investment & Securities have acquired the EDGE Amsterdam West office redevelopment.
Warburg-HIH Invest Real Estate said it advised the Korean investors on the acquisition of development from EDGE Technologies.
The acquisition was made by way of a forward-funding-deal. No financial details were undisclosed.
EDGE Amsterdam West office, which was built in the 1970s, is currently undergoing a full redevelopment and design overhaul.
The completion of the office scheme of the main building, which provides 47,700sqm of lettable area and includes 659 parking spots, is scheduled for spring 2021.
The adjacent building of 5,500sqm metres is expected to be completed by mid-2022.
The asset, which is nearly 80% leased, is occupied by tenants including gas and transmission grid operator Alliander, APG Group and Intertrust Netherlands.
Matthias Brodesser, head of transaction management international at Warburg-HIH Invest, said: “The transaction justifies our strategy to acquire high-end properties through forward-funding deals on behalf of our clients.
“The Amsterdam office market has developed very strongly, in terms of both tenant demand as well as rent performance. Therefore, we are planning further acquisitions in Amsterdam.”
Yoon Ho Kim, director of Hana Alternative Asset Management, said: “Amsterdam was at the very top of our list of priorities. We were very pleased therefore when Warburg-HIH Invest presented EDGE Amsterdam West to us.
“It was the combination of local expertise and the team’s commitment that enabled us to complete the transaction.”