Institutional real estate investment manager Bouwinvest has acquired the Hourglass mixed-use project in Amsterdam’s Zuidas business district.
The aaset was acquired for its Dutch office and hotel funds from developer Sax Vastgoed. Designed by architects Dam & Partner, the property is set for completion in 2020.
A transaction price was not revealed.
'This is Bouwinvest’s first office/hotel investment in the Zuidas, which is the premier office market in the Netherlands,' said Dick van Hal, Bouwinvest's CEO. 'We expect that the district will continue to go from strength to strength and consolidate its leading position due to the ambitious development plans in the pipeline. It’s also an increasingly rare investment from a large Dutch institutional investor in the Zuidas as the area has been among the first ports of call for foreign investors doing big-ticket core office acquisitions.'
The Hourglass building consists of 22,000 m2 of multi-tenant offices, of which principal tenant Loyens & Loeff will occupy 15,000 m2, as well as 700 m2 of retail and catering and 145 parking spaces.
There will also be a 115-room extended stay hotel let to hotel operator the PREM Group, plus a restaurant.
'Extended stay is an established concept in American and Asian markets and is growing quickly in Europe. Business travellers prefer flexible alternatives to traditional hotels which still offer the same level of comfort and convenience,' said Jim Murphy, chief executive, PREM Group.
Hourglass will receive a BREEAM Excellent certificate upon completion. The planned delivery date for the office section will be Q4 2019, while the hotel will be completed in Q1 2020.
CBRE and Houthoff Buruma represented the seller in this transaction, and Boekel represented Bouwinvest.
