German asset manager Deka Immobilien has signed an agreement to acquire The Bank building in Amsterdam from developer Kroonenberg Group for a price of over €275 mln.
German asset manager Deka Immobilien has signed an agreement to acquire The Bank building in Amsterdam from developer Kroonenberg Group for a price of over €275 mln.
The deal represents the largest single asset transaction in the Netherlands so far this year.
Kroonenberg, which bought the scheme in 2006 for a price believed to be just over €43 mln from Dutch lender Amsterdamsche Bank (later known as ABN Amro Bank), expects to transfer ownership of the asset by the end of the year.
During its nearly 10-year ownership, the group completely redeveloped the building - which formerly housed ABN Amro's headquarters - and let it in full to a number of occupiers including Booking.com, Guerrilla Games and BNP Paribas, which jointly lease 25,000 m2 of office space.
The 7,000 m2 ground floor is occupied by several retailers including Starbucks, Wagamama, and Vapiano. The building also has a car park operated by Parkking.
'We will continue this with our other projects in the city, such as Gelderlandplein and Kalvertoren. Thus, our focus is more on prime retail,' said Lesley Bamberger, CEO of Kroonenberg Group.
Kroonenberg Group was advised by KroesePaternotte and Houthoff Bu-ruma. Deka was advised by BakerMcKenzie.