Italian-domiciled fund in first Dutch acquisition

Cordea Savills, acting on behalf of Italian-domiciled property fund Europa Immobiliare No.1, has completed its first acquisition in the Netherlands by buying the office headquarters of USG People in Almere, for EUR 39 mln. Following the transaction, the fund's geographic reach extends to the UK, Germany, Italy, the Netherlands and Sweden with a gross asset value of about EUR 400 mln.

Almere is a fast growing satellite city situated 25km east of Amsterdam. Cordea Savills said the 5-year-old eight-storey 'Le Nouveau Jour' office building has a rental space of 11,800 m². It is fully let to United Services Netherlands until 2018. This guaranteed by its parent company, USG People, a European employment services firm which is listed on the Amsterdam Stock Exchange.

Richard Lake, director of Cordea Savills, comments: 'This is a low risk first acquisition in the Netherlands that offers a secure income stream as well as returns forecast to exceed the Fund’s targets. The Dutch office market is well developed and as a response to the improving economy there is a strong level of demand for quality space. With good growth prospects and a liquid property market, the Netherlands is attracting interest from both international and domestic investors.'

Cordea Savills was advised by Jones Lang LaSalle and Simmons and Simmons.

Last week, Italian property company Beni Stabili announced that it had completed the sale of the residential component of the former Comit Fund portfolio to Operae and Duse Sarl (a joint venture between Cordea Savills Italian Opportunities No.1 and private clients of Cordea Savills LLP). The sale price of EUR 320 million, after deduction of 50% of the transfer tax, totalling around EUR 3.8 million, represented a gain of 5% on the purchase price.