French asset manager Corum has acquired an office building in Hoofddorp near Amsterdam from Munich-based family office AM Alpha for €47.6 mln.
The purchase price reflects a gross initial yield of 7.5%.
The building, located at Taurusavenue 111 in Hoofddorp, is the headquarters of FedEx Express International and comprises around 16,325 m2 of space and 345 parking spaces.
The property was built-to-suit for the tenant – then TNT before the firm’s merger with FedEx Corporation in 2016 to create FedEx Express – and taken into use in 2011 as one of the greenest (zero emssions) office buildings in Europe.
The property’s open and transparent design is intended to promote connectivity as well as the comfort and health of its users, underpinning FedEx's work philosophy.
Commenting on the deal, Philippe Cervesi, Corum’s head of investment, said that Corum ‘now has a very strong track record in the Netherlands and believes that the Hoofddorp area, where we already own the Novotel on Taurusavenue, will continue to experience yield compression and rents improvement.
‘Schiphol is now the third airport in Europe after Heathrow and Charles de Gaulle. We see some strong synergies between this prime office and our Novotel where Fedex employees are accommodated after their arrival in the Netherlands. Corum’s goal is to build a strong relationship with its new tenant and help them to grow after their recent merger with TNT’.
Appelhoven Real Estate Advisors advised the buyer on the transaction, while Core Notariaat provided notarial services. Atlas Tax was the fiscal adviser and Search the technical adviser to the purchaser. Grimonte Investment Management advised the vendor while Loyens & Loeff provided legal advice.
Corum manages €1.3 bn in 10 countries and plans to invest more than €450 mln in 2017.
