Germany’s IVG has sold an office building in Rotterdam to MPC Capital Nederland and developer-investor Kadans Vastgoed.

Germany’s IVG has sold an office building in Rotterdam to MPC Capital Nederland and developer-investor Kadans Vastgoed.

Located at Blaak 16 in the centre of Rotterdam, the vacant property was sold for €6.5 mln, according to the Dutch land registry. It comprises around 15,000 m2 of space divided over 14 storeys and has a parking garage with 125 spaces. The building is set to be fully renovated and redeveloped for other purposes.

Commenting on the acquisition, managing director Pieter Akkerman of MPC Capital Nederland said: ‘We’re looking selectively and with a fresh eye at buildings - both within and outside our portfolio - in strong locations which can be given a second lease of life if the right redevelopment strategy is applied. Blaak 16 is such a property, which, through its structure, size and location can be made an attractive new destination for many users.’

IVG was advised on the transaction by Colliers International and CBRE. The buyers were advised on technical due diligence issues by Impact Vastgoedrealisme and on the legal and fiscal side by RechtStaete, Boekel De Nerée and PwC.