AEW Europe's Euroffice fund has achieved its investment target of EUR 725 mln following recent acquisitions in Amsterdam and Berlin. This month the fund acquired a 12,500-m[sup]2[/sup] office building in the Dutch capital which is occupied on a nine-year lease by Dutch law firm Van Doorne. The investment volume is believed to have been in the region of EUR 61 mln.
AEW Europe's Euroffice fund has achieved its investment target of EUR 725 mln following recent acquisitions in Amsterdam and Berlin. This month the fund acquired a 12,500-m2 office building in the Dutch capital which is occupied on a nine-year lease by Dutch law firm Van Doorne. The investment volume is believed to have been in the region of EUR 61 mln.
Earlier the Euroffice fund purchased the 7,800 m2 Nordbahnhof-Carree in Berlin. The LEED GOLD-certified property is fully let on a 15-year lease to Deutsche Bahn. The property cost about EUR 110 mln to construct.
Created in 2006, the Euroffice fund is dedicated to core office assets in major European cities and the investors include 17 French institutions. The portfolio comprises 12 assets with 50% in Germany's main five cities (Berlin, Munich, Frankfurt, Hamburg and Düsseldorf) and the remainder in Paris, Amsterdam, Brussels and Madrid. The portfolio has a residual firm lease length of 9.5 years and an occupancy rate of 99%.
Jean Lavieille, co-head of Fund Management for the EurofficeFFund said: 'Finishing the investment programme for a fund which went through the last financial crisis and stopped all investments during 2007 is a very important step. Euroffice investors will benefit from the strong income characteristics and potential for capital growth of the portfolio.'
