US private equity giant Blackstone Real Estate has acquired one of the buildings of PwC's head office in the Netherlands for just over €88 mln, PropertyEU Research has learned.
US private equity giant Blackstone Real Estate has acquired one of the buildings of PwC's head office in the Netherlands for just over €88 mln, PropertyEU Research has learned.
Castor Westgate, an investment vehicle operated by Blackstone, paid €73 mln, plus €15.3 mln value-add tax to buy the property from Dutch company Syntrus Achmea Real Estate & Finance.
The property on Thomas R. Malthusstraat 5 comprises 26,500 m2 of office space and parking. It is part of the Westgate complex located in Riekerpolder in the New-West administrative region of Amsterdam. The rental level equates to about €200 per m2.
Adviser DRS Makelaars acted for Syntrus Achmea Real Estate & Finance.
The transaction is the latest in a string of investments by Blackstone in Dutch real estate. The largest took place in December 2013 when Blackstone completed the acquisition of six office buildings in the Netherlands from the CBRE Dutch Office Fund. The €165 mln acquisition was the largest real estate transaction by volume in the Dutch market last year. The portfolio comprised the Cross Towers in Amsterdam; Weenatoren and 200Weena in Rotterdam; and Forum, Sirius and Orion in The Hague.
In May this year Blackstone acquired the new head office of global IT services company Capgemini near the Dutch city of Utrecht from developer AM Real Estate Development for €61 mln. Blackstone has also acquired logistics assets in the Netherlands, the latest two as part of a pan-European portfolio sold by SEB for €275 mln.