German fund manager Commerz Real has sold an office building in a suburb of Amsterdam to a Dutch construction company.
The investment volume for the Ten Thirty building in Amstelveen was not disclosed. M.J. de Nijs en Zonen, a family operated, mid-sized construction company, led the acquisition on behalf of a group of investors.
Ten Thirty encompasses 49,000 m2 of offices and storage, plus some 1,100 parking spaces. It was constructed in 1990, and had been part of the portfolio of hausInvest, Commerz Real's open-ended real estate investment fund, since 1997.
The building was originally occupied by a sole tenant, who terminated their lease in 2010. It has since been largely vacant, save for 9,000 m2 rented out by Atos, a Dutch-French IT service provider. In 2016, Commerz Real planned to convert the unlet areas into rental apartments, and had already obtained the corresponding permits for change of use and construction. The conversion will now be implemented by the buyers, creating more than 300 apartments.
Commerz Real recently sold the Blaak 31 office complex in Rotterdam to an institutional investor for around €76 mln.
