Dutch real estate developer Edge, along with two Dutch-based family offices, acquired the Cross Towers in Amsterdam, for an undisclosed sum.
The value of the deal is likely under €160 mln, according to earlier market reports, which would result in a yield of over 8%.
Designed specifically for consulting firm EY, which uses it as its Dutch headquarters, the 23-storey office building on Antonio Vivaldistraat 150 consists of two towers linked by a transparent core that hosts shared services. A parking garage offers over 300 parking spaces.
Developed by ING Real Estate and designed by Foster + Partners in 2008, Cross Towers' current energy efficiency falls below modern standards. Edge plans to upgrade the 29,500 m2 building into a sustainable and energy-conscious property, creating a healthier work environment and attracting eco-friendly tenants and investors.
Coen van Oostrom, founder & CEO at Edge commented: ‘Acquiring Cross Towers marks a pivotal shift for Edge. We're moving beyond developing best-in-class assets to also actively upgrading existing assets. This deal showcases our commitment to transforming buildings into high-performance, sustainable properties.’
Cross Towers occupies a central location on Amsterdam's South Axis, where many national and international companies are based. It is situated next to the A10 ring road and has multiple public transport connections, including rail, metro, tram, and bus.
The financing was provided by Berlin Hyp, legally represented by Van Doorne. Edge and its partners were legally represented by Loyens & Loeff and Houthoff, while PwC offered financial and tax advice. The seller was advised by CBRE, A&O Shearman and PwC provided tax and financial advice.
Active across the Netherlands, Germany, and the UK, with additional partnerships in the US, Edge has roughly €5 bn worth of new office buildings under construction.
