Hana Alternative Asset Management (HAAM) is looking to sell its 54,415 m2 office asset in the Netherlands two years and four months after buying it, PropertyEU can reveal.
According to sources, HAAM has not appointed an agent to sell Edge Amsterdam West, but is itself trying to drum up interest in the asset, which comes with a €300 mln price tag representing a yield of 4% on net operating income.
It has been suggested that little interest has been shown so far.
HAAM purchased the building in May 2019 from Dutch developer Edge Technologies, which is a specialist in technologically innovative and sustainable office buildings. Dating from the 1970s, the asset is being redeveloped by the same company it was purchased from.
The redeveloped scheme provides 54.415 m2 of office space located in the urban area of Amsterdam West. So far, it has been awarded with WELL Platinum and BREEAM Outstanding certificates. The awards have been achieved through the distinctive glass dome, thermal energy storage, and solar panels. The multi-functional roof allows the building to generate more energy than it uses.
Currently, the building has an occupancy rate of 88.5% and its six tenants pay a total rent passing rate of €12,980,192. Once it reaches full occupancy, the owner should expect a rate of €13,191,729.
Companies such as pension fund giant APG and Dutch electricity network operator Alliander are tenants. APG has agreed on a tenancy agreement until 2038 with a rent break option in 2026, whereas Alliander’s lease duration is until 2041 with no rental break.
Like all Edge buildings, the property incorporates the latest IoT and AI technology. Thus, all tenants will be able to customise their workplace through a smart app.
