Edge Technologies, the innovative office development subsidiary of Amsterdam-based OVG real Estate, has sold a refurbished office building in Amsterdam to Korean investors Hana Alternative Asset Management.

Edge Amsterdam West is being renovated to BREEAM-NL Excellent standard by OVG.

Edge Amsterdam West is Being Renovated to BREEAM-NL Excellent Standard By OVG.

Market sources told PropertyNL that the asset changed hands for between €225 mln and €250 mln, representing a gross initial yield of nearly 5%.

Constructed in the 1970s, the 47,700 m2 asset is being comprehensively modernised and overhauled, with the works programme due to be completed in 2021. An additional building that will add 5.500 m2 of lettable space is expected to be completed in 2022.

Hamburg-based Warburg-HIH Invest Real Estate represented Hana as investment manager in the deal.

'Amsterdam was at the very top of our list of priorities,' said Hana director Yoon Ho Kim. 'We were very pleased therefore when Warburg-HIH Invest presented EDGE Amsterdam West to us. It was the combination of local expertise and the team’s commitment that enabled us to complete the transaction.'

Edge Amsterdam West was designed by De Architecten Cie, formerly known as Oyevaar, Stolle & Van Gool, and redeveloped by Edge Technologies to the BREEAM-NL excellent sustainable certification level.The building is being furnished with an atrium and a massive glass roof to provide natural light, as well as thermal energy storage facilities and roof-top solar panels.

'Edge Amsterdam West is an extra ordinary next generation building due to the combination of smart high tech features and best-in-class sustainability, adding value to the well-being of its day-to-day users and the environment,' said Reinoud Plantenga, managing director of Warburg-HIH Invest Real Estate Benelux.

The building is 80% occupied, with major tenants including gas and transmission grid operator Alliander NV, APG Group and Intertrust Netherlands BV. The weighted average lease term is 14 years.

Hana AAM was advised on the legal side by CMS Law. Technical and fiscal consultancy was handled by CVO Group and KPMG Tax Advisory, respectively. EDGE Technologies was assisted by Loyens & Loeff, CBRE and PWC.