French asset manager Amundi and Finnish pension fund investor Ilmarinen have emerged as the joint venture buyer of the European headquarters of Uber, Spaces and Amazon in Amsterdam.
The asset, known as The Cloud, was sold by Cairn Real Estate, a Dutch subsidiary of German firm MPC Capital on 20 December.
Neither the buyer nor the financial details were disclosed at the time, but PropertyEU revealed, based on reliable sources, that the building changed hands for €165 mln.
Ilmarinen said in a statement on 22 December that it had invested in The Cloud in Amsterdam and The Rocket Tower in Berlin. Both investments are joint ventures with an open-end real estate retail fund managed by Amundi Real Estate. Ilmarinen has a 49% stake in the properties.
The Cloud is located at Meester Treublaan 7 in the Amstel district of the Dutch capital and comprises 20,000 m2 of office space and 185 parking spaces. Cairn Real Estate spent three years renovating and redeveloping the asset, and will continue to manage it following the sale.
The vendor was advised on the transaction by JLL. The property is managed by Hannover Leasing, with which Ilmarinen has previously collaborated in the Belgian and Dutch real estate markets.
The Cloud
'Demand for office space has remained strong in Amsterdam, which is expected to maintain upward pressure on rental values during the next few years. Furthermore, the real estate investment market has recovered well from the post-financial crisis distress, but still offers competitive returns compared to other major European markets,’ said Mikko Antila, portfolio manager in charge of international real estate investments at Ilmarinen.
The co-investor in both the Amsterdam and Berlin properties is an open-end real estate retail fund managed by Amundi Real Estate, with which Ilmarinen has co-invested in an office asset in Frankfurt in 2016. 'Both investments are well in line with Ilmarinen’s strategy to increase its real estate portfolio’s international diversification in a profitable and secure manner,' Antila said.
Most of Ilmarinen’s real estate investments are located in Finland. In addition to Finland, Ilmarinen has direct real estate investments in Germany, Belgium, the Netherlands, the UK and the US.
Rocket Tower
Amundi Real Estate acquired the Rocket Tower office building in Berlin last April from a fund managed by JP Morgan Asset Management.
Amundi, supported by Paris-based L'Etoile Properties, carried out the transaction on behalf of an open-ended real estate fund. The investment volume was not disclosed. L’Etoile Properties will manage the building.
Located at Charlottenstrasse 4 in central Berlin, the office building comprises a total lettable area of 28,200 m2, which is mainly let to Rocket Internet.
JP Morgan AM acquired the property in 2014 and signed a long-term lease with the internet provider shortly after taking ownership.
BNP Paribas Real Estate advised the seller in this transaction, together with Engel & Völkers Commercial. Hengeler Mueller provided legal advice for the seller and Clifford Chance acted on behalf of the purchaser.
'Berlin is one of Europe’s most interesting real estate markets. The vacancy rate of office premises is at a record low, new construction is moderate and demand for space is strong,' Antila added.
