Credit Suisse fund purchases office property in Rotterdam for €52m

A real estate fund managed by Credit Suisse Real Estate Investment Management has acquired an office building in central Rotterdam for €51.6 mln.

The property, known as Gebouw Weena (Building Weena) was sold by the Dutch Chalet Group. Gebouw Weena is located in the heart of Rotterdam in close vicinity to the newly renovated main station and offers around 17,000 m2 of office space and excellent parking amenities.

The Credit Suisse fund focuses on value-add opportunities in good locations. Cyclus Property negotiated the off-market purchase of the asset for Credit Suisse Real Estate Investment Management. 'As an asset management firm we see chances in both this property and the Rotterdam Central District. Well connected areas in the direct vicinity of main public transportation hubs are the first to profit from a recovering market,' said founding partner André Halm.

JLL performed the technical and commercial due diligence and Clifford Chance was responsible for legal advice and due diligence for the Credit Suisse real estate fund.

The asset management team of Chalet Group negotiated this deal itself and was advised by Loyens & Loeff on legal and tax matters.