Credit Suisse Real Estate Investment Management has acquired a single-tenant office building in Houthavens, a docks area being redeveloped as a hub for creative industries in Amsteredam, for €17 mln.
The 5,500 m2 building, known as Ydek, will be owned by Credit Suisse's European Climate Value Property Fund. The vendor was consortium Vastgoed CV APF XII, which includes developer G&S.
Dentsu Aegis, a company specialising in media, digital and communication services, has signed a long-term lease for the entire building.
The Credit Suisse (Lux) European Climate Value Property Fund pursues a conservative core to core-plus real estate strategy by acquiring existing commercial properties in major European markets. The return target is 5-6% annually.
A key aspect of the investment concept is based on a system for controlling, measuring, and monitoring energy consumption in cooperation with the Siemens technology group.
All properties in the portfolio are continually upgraded in terms of their energy efficiency on the basis of this measurement data in order to systematically reduce overall energy consumption as well as CO2 emissions. The fund has a pipeline of acquisitions that includes several properties in Germany. Credit Suisse REIM expects to grow the fund volme to €1 bn over the next five years.
