AXA IM Alts has acquired, on behalf of clients, a 25,000 m2 iconic office building in the centre of Rotterdam from ABN AMRO.
Financial details were not disclosed.
The asset was originally constructed in two phases in the 1950s and 1990s. Upon acquisition, AXA IM Alts and developer Provast will start its comprehensive redevelopment, retaining much of the building’s structure while delivering a best-in-class new multi-tenant office with 6,000 m2 of additional lettable floor space and sustainability credentials.
The redevelopment, which will begin in Q3 2023, is targeting a BREEAM Excellent rating, an A++++ energy label and Well Platinum readiness. ABN AMRO has agreed to re-lease 3,000 m2 of the building and will actively participate in the redevelopment.
Marc Kramer, head of development Benelux, at AXA IM Alts, commented: 'Demand continues to rise for high-quality office space with market-leading sustainability credentials.
'In Rotterdam, the demand for this best-in-class space has been accelerated by the rapid growth of the city’s young professional population, which is increasingly attracting occupiers, particularly in the tech and financial services sectors, to workspace in Rotterdam’s CBD.
'This acquisition presents an attractive opportunity for AXA IM Alts to leverage its extensive refurbishment and development expertise to address the city’s acute undersupply of this Grade A office space, delivering a scheme with strong sustainability credentials in an exceptional inner-city location.'
The property is located on Coolsingel, in the heart of Rotterdam’s central business district on the city centre’s main arterial road. The asset is less than 1km from Rotterdam’s central train station, providing rail access to Amsterdam, Utrecht and The Hague in under an hour, alongside direct routes to major European cities including Paris and Brussels.
The asset is also adjacent to a metro station connecting occupiers with Rotterdam’s intracity metro network, offering access to Rotterdam’s international airport in under half an hour. The Port of Rotterdam, Europe’s largest seaport, is also within easy reach.
The transaction marks AXA IM Alts’ fifth deal in the Netherlands, reflecting its long-term commitment to invest in Dutch cities supported by favourable demographic and structural trends. Since 2000, AXA IM Alts has successfully developed over 300 projects in nine European countries for a total of over €21 bn and has €8 bn in projects currently under development.
