CBRE Global Investors has bought a majority stake in a high-end residential tower in Rotterdam comprising 344 apartments and a commercial platform.
The former office block at Boompjes 55-58 is currently being redeveloped by an associate of Singapore's First Sponsor Group and Dutch Dutch developer Provast to create 344 homes, plus commercial units, designed by OZ Architects.
CBRE GI has inked a deal for 258 apartments, the commercial spaces and the associated parking. The transaction volume was not disclosed. The remaining 86 apartments in the project will be sold to individual purchasers.
'We are happy to have this opportunity to work with CBRE Global Investors and Provast and to bring this redevelopment project to this phase at such speed. We look forward to a smooth delivery and further cooperation going forward,' said Neo Teck Pheng, Group CEO at First Sponsor Group.
The redevelopment of the 12,000 m2 Boompjes office building will include a 1050 m2 street-level commercial plinth for restaurants, hospitality and / or retail premises and a 210-space car park. Construction will start in the first quarter of 2017. The project has an expected sales value of around €100 mln.
'There's a reason why Rotterdam has been named as Europe's finest city. Rotterdam is hot. Of the four major cities in the Netherlands, Rotterdam alone has managed to attract predominantly native newcomers. Projects like this are a perfect fit with the growing trend towards urbanisation,' said Anton Koomen, partner at Provast.
Houthoff Buruma advised CBRE Global Investors on legal matters.
