Aviva Investors Real Estate's French arm has completed the acquisition of the office building at Weesperstraat 420-446, in the centre of Amsterdam on behalf of one of its clients.
The asset has been sold by LaSalle Investment Management (LaSalle), on behalf of a separate account client. Although financial details were not disclosed, the deal is understood to be worth just over €64 mln.
The property, an iconic nine-storey office building, offers 7,400 m2 of functional office space, which has recently undergone extensive renovation work, including upgrades to improve its overall sustainability credentials and energy-saving qualities.
Since 1993, the property has been fully let to the municipality of Amsterdam on a long-term basis.
Grégoire Bailly-Salins, head of transactions Europe at Aviva Investors Real Estate France commented: 'We are pleased to expand our presence in the Amsterdam market, and to secure an asset in such an iconic part of the city on behalf of our client. We believe the city will continue to be one of Europe’s top-performing office markets over the long-term, fuelled by its strong location, accessibility and pool of talent.'
Uwe Rempis, managing director at LaSalle KVG, added: 'We are pleased with the successful sale of Weesperstraat 420-446. The asset has performed exceptionally well since acquisition, which comes following targeted investments made by LaSalle and the tenant over several years aimed at modernising the building and improving its energy efficiency and quality of amenities offered. The sale comes at a strategically favourable time for the Fund and is a one of the major highlights for this financial year.'
Aviva Investors was advised by JLL, CMS and SGS Search. LaSalle was advised on the transaction by Cushman & Wakefield, Drees & Sommer and Solid Attorneys.
