AEW Europe has bought the second Amsterdam asset on behalf of its Europe Value Investors Fund (EVI) in a matter of months, paying Chalet Group €14.5 mln for the property.
De Vyzel is a multi-let office building in the centre of Amsterdam, comprising around 4,000 m2 over seven stories. The property is currently 88% let to a range of tenants.
The deal marks the second Dutch acquisition for EVI, a value-add fund focusing on European manage-to-core office assets, following the purchase of a multi-tenanted 19,714 m2 office building located in the Sloterdijk district of Amsterdam in October 2016.
'Not only does De Vyzel combine a steady and secure income stream with the potential to add further value through active asset management, it is also located in an area that has experienced a chronic lack of supply of good quality office space in recent years,' commented Carsten Czarnetzki, fund manager of EVI. 'Combined with the recovering occupier market in the Netherlands, this acquisition is exactly the kind of opportunity that we are looking for with EVI and reflects our ability to react positively to rapid market shifts.'
The asset is located on Vijzelstraat, one of Amsterdam’s main thoroughfares, where other occupiers in the area include Uber, Booking.com and Space.
The transaction brings the EVI portfolio to 16 assets across the UK, France, Spain, Germany and the Netherlands, with a total value of €487 mln. EVI was launched in 2014 and targets a net IRR of 9-11% with a maximum LTV of 50%. The fund held its final close in July with total commitments of €410 mln and already commited more than 80% of the equity raised.
AEW was advised by Spring Real Estate and Kennedy Van der Laan; Chalet Group was advised by Appelhoven Vastgoedadviseurs.
