Northern European real estate investment and asset management firm Cording Real Estate Group has acquired the Erasmushuis office building in Rotterdam for its Benelux Commercial Real Estate Fund.
Financial details were not disclosed.
The Erasmushuis is a monumental building situated in the city centre, close to the prime retail district. The 11-storey property has a lettable area of around 4,300 m2, which is fully let to the office operator Frame Offices.
René de Heus, head of Investments Benelux said: 'This is the thirteenth acquisition since the start of this fund and there is circa €200 mln available for additional purchases. The fund is focused on well-located office and retail properties in the Netherlands, Brussels and Luxembourg.'
The open-ended special fund, Benelux Commercial Real Estate Fund, was launched in December 2016 to invest in office and retail property in the Netherlands, Belgium and Luxembourg.
The fund’s focus is on properties with diversified cash flows located in economically strong cities. The fund has a gross target volume of €400 mln, which includes €250 mln of equity.
The total gross asset value (GAV) of the fund is currently around €200 mln consisting of 13 properties spread over core locations in Amsterdam, Utrecht, Rotterdam, The Hague and Brussels.
