Irish real estate investor Blackrock International Land has purchased the Vida building in Amsterdam for EUR 25.5 mln. The building was developed in 2001 and comprises 10,000 m[sup]2[/sup] of office space over seven floors. The main tenants are a Dutch government agency, IT firm Webex and media company Time Warner. DTZ Zadelhoff and DLA Piper acted for the seller, Vida fund, while Blackrock International Land has advised by Delta State Vastgoedadviseurs and Nauta Dutilh.

Irish real estate investor Blackrock International Land has purchased the Vida building in Amsterdam for EUR 25.5 mln. The building was developed in 2001 and comprises 10,000 m2 of office space over seven floors. The main tenants are a Dutch government agency, IT firm Webex and media company Time Warner. DTZ Zadelhoff and DLA Piper acted for the seller, Vida fund, while Blackrock International Land has advised by Delta State Vastgoedadviseurs and Nauta Dutilh.

The net yield on the investment by end 2008 is forecast to exceed 6% and, with passing rents currently below market values, this is expected to rise above 7% over the short term. In addition, subject to the necessary consents, there is the possibility of further development on part of the site.

Commenting on the transaction, Blackrock managing director, Robert Knox, said: 'The purchase of this modern, well located office building in Amsterdam is a significant addition to our existing portfolio of high quality, income producing assets in the Netherlands. Including the Achmea portfolio acquired at the end
of last year, this transaction takes the value of the Group's current investments in that country to almost EUR 64 mln.'

Last year, Blackrock International Land acquired a portfolio of six office buildings in the Netherlands for EUR 46.5 mln. Those properties are located in The Hague, Nijmegen, Tilburg and Maastricht and provide a total of 24,270 m2.