German fund manager KanAm’s Grundinvest fund has sold its 50% stake in an office property in Rotterdam to co-investor CBRE Global Investors for an undisclosed sum.
The Dutch divestment is one of three year-end property disposals by the fund, which is in the final stages of liquidation. The other two sales were in Montreal, Canada. Together, they mean that around 93%, or €6 bn, of Grundinvest’s total real estate assets have now been sold.
The proceeds will be used to pay redemptions to fund investors. Six weeks ago, KanAm Grundinvest paid €720 mln, or €10 per share, to investors in its largest individual dividend payout to date.
The Dutch asset, Delftse Poort, was completed in 1991 and is a 41-storey skyscraper comprising 65,675 m2 of space. It has been held by KanAm Grundinvest since 2005.
