HIH acquires office project in Amsterdam's South Axis

German fund manager Hamburgische Immobilien Handlung (HIH) has acquired an office building under development in Amsterdam's Zuidas, or South Axis district.

HIH purchased the property, 400 Beethovenstraat, on behalf of a German pension fund client and will pay out the €65 mln price in stages.

400 Beethovenstraat is being developed by G&S Vastgoed on the corner of Beethovenstraat and Gustav Mahlerlaan in the Gershwin project area of the South Axis.

The property comprises 12,500 m2 of usable area and is largely leased to international law firm NautaDutilh. Designed by architects firm UNStudio, the property is being developed and built to attain a BREEAM Excellent certificate.

The Gershwin project area also includes G&S's office developments, 500 Beethovenstraat and 1000 Mahlerlaan. A further 1,300 homes are to be developed in the area and G&S recently launched the construction of 900 Mahler, a residential tower with 127 apartments.

'The main tenant's long-term commitment and the location in the centre of the Zuidas underscores the core status of this investment,' said Andreas Schultz, managing director of HIH Global Invest. 'We are looking for secure investments with a good return.'

Property advisors CBRE and DRS acted in the transaction.