Munich-based investment manager Catella Real Estate has sold an office building in Amsterdam and purchased a residential and retail property in Utrecht for the Sarasin Sustainable Properties – European Cities fund.
The investment volume was not disclosed.
'The Dutch real estate market is on course for recovery. Its good performance is also reflected in the favourable market conditions, which have benefited this sale,' says Henrik Fillibeck, managing director of Catella Real Estate.
The asset divested in Amsterdam, at Middenlaan 14-16, is a 5,490 m2 office with 1,090 m2 of storage space. Catella said it sold the building above market value.
In Utrecht, the fund purchased a residential and retail property at Oudegracht 152-156/ Vinkenburgstraat 17 in the heart of central Utrecht. The property has around 3,500 m2 of space including 1,455 m2 of residential, 1,250 m2 of retail and 789 m2 for food and drink outlets.
'The Dutch recovery is filtering through to the retail sector. All the indices suggest that the Dutch have regained their appetite for spending more money on consumption. Reinvestment in a residential and retail building is an excellent way to further diversify the portfolio and spread risks,' added Fillibeck.
'By selling a dedicated office building and buying a mixed-use property, the diversification in retail and residential space can be further expanded. Oudegracht is the city's best-known canal and a prime retail location, with a large number of restaurants, cafés and bars, and helps to make the city, byopening a new location in the area of Randstad, a metropolitan area in Europe,” he concluded.
Catella’s Sarasin Sustainable Properties – European Cities fund focuses on sustainable investments in fast-growing major European cities.
