Paris-based investment manager AEW Europe has acquired an office building in Amsterdam for its value-add Europe Value Investors (EVI) fund from Vastint Netherlands.
Financial details were not disclosed, but according to the Dutch land registry the purchase price was €25.3 mln.
Located in the Sloterdijk district of Amsterdam, the multi-tenanted, 19,700 m2 building - known as the Coengebouw - is the first asset to be acquired by EVI, which focuses on European manage-to-core office assets.
Developed in 1969, the Coengebouw underwent an extensive refurbishment and extension in 1994, including the replacement of the façade and the addition of an atrium to the east side of the building. The property has an occupancy rate of around 90% and a WALT of 2.4 years.
AEW’s business plan for the asset includes leasing it up to full occupancy, regearing the existing leases as they approach expiry and refurbishing the space to capture the anticipated growth in the rental market.
Carsten Czarnetzki, fund executive of EVI said: ‘With this latest acquisition, EVI’s portfolio now comprises 15 assets across the UK, France, Spain, Germany and the Netherlands. We have been very active in the market in recent months and the Coengebouw represented an opportunity to acquire a well-maintained office asset in an established location with the potential to add value through active asset management.’
EVI was launched in 2014 and invests in office assets that offer potential capital gains through active asset management in Western and Southern European markets. The fund targets a net IRR of 9-11% with a maximum LTV of 50% and has already committed in excess of 80% of the equity raised. The fund held its final close in July with total commitments of €412.6 mln.
Vastint was part of the Inter Ikea group until May this year when the business was reorganised. Now Inter Ikea Holdings BV is the holding company for Ikea-related business in the Netherlands, while Vastint is part of Interogo Holding, a Swiss-based entity for property and financial activities.
AEW was advised on the deal by Spring Real Estate and Greenberg Traurig. CBRE and Houthoff Buruma acted for the vendor.
