Deka swoops on Amsterdam office in biggest Dutch deal

German fund manager Deka Immobilien has bought the Symphony office complex in Amsterdam from Philips pension fund for around €215.1 mln.

The deal is the biggest transaction in the Dutch market so far in 2013.

Located on Gustav Mahlerlaan in Amsterdam's Zuidas (South Axis) district, the 27-storey building was completed in 2009 and comprises around 34,500 m2 of space and 466 underground parking spaces. The office tower forms part of the Symphony complex which also comprises residential tower Symphony Residence and a Crown Plaza hotel.

The office space is virtually entirely let to companies such as pension fund administrator APG, Prologis, Tata Consultancy, engineering consultancy Arcadis and Holland Financial Centre.

Deka was represented in the deal by Arcadis and Baker & McKenzie. The vendor was advised by CBRE, Houthoff Buruma, PwC and IPMMC.

Erik Langens, senior director of capital markets at CBRE, said: 'With Symphony Offices, Deka Immobilien has bought one of the best buildings in the Netherlands. It is a very high-quality office property in the Netherlands’ best office locations and let to multiple professional corporate organisations on above-average long-term leases.'

Deka already owns the Rock and Vinoly office buildings in the Zuidas district, acquired in April and June 2012 respectively. The German company also owns the Park Boulevard retail complex in Rotterdam, purchased in 2011, as well as logistics premises in Tilburg.

According to market sources, Deka is also in advanced talks to buy De Rotterdam mixed-use complex in Rotterdam.