Corum Asset Management has further expanded its office property portfolio with the purchase of the Westgate I asset in Amsterdam on behalf of the Corum Origin fund.
The purchase price, according to the Dutch Land Office, is €79.7 mln.
Completed in 2002, Westgate I serves as the Dutch HQ of global auditing firm PwC, together with the adjacent Westgate II office to which it is connected by an underground pedestrian tunnel.
Westgate I is located in Riekerpolder in Amsterdam and consists of 28,000 m2 of office space, spread across three buildings connected by a ground floor.
The property features the BREEAM-NL sustainability certification.
Erik Langens, executive director at CBRE, said: As long-term interest rates begin to stabilize and initial yields have eased significantly, an increasing number of investors view this period as an excellent entry point with attractive returns, as evidenced by increased liquidity for Westgate I and other transactions.’
Westgate I is strategically located between Schiphol Airport, the southern axis financial centre Zuidas and the city centre of Amsterdam. The A4 motorway is in the immediate vicinity, and Schiphol Airport is only a five to ten-minute drive away.
The seller was advised by CBRE and Allen & Overy, while DLA Piper and Arcadis advised Corum Asset Management.
