Investment manager LaSalle has acquired a mixed-use building in Amsterdam for around €80 mln on behalf of the Bavarian doctors’ pension fund Bayerische Ärzteversorgung (BÄV).
Investment manager LaSalle has acquired a mixed-use building in Amsterdam for around €80 mln on behalf of the Bavarian doctors’ pension fund Bayerische Ärzteversorgung (BÄV).
The vendor is Life Fund Syndication, a unit of Bank of Ireland Asset Management which bought the property from Philips’ pension fund in 2008 for €88 mln.
The retail and office building, located at the Jodenbreestraat, comprises some 21,250 m2 of lettable floor area, excluding an underground parking garage of around 5,570 m2. Six ground-level retail units are topped by five storeys of office space fully let to the municipality of Amsterdam.
The acquisition of Jodenbreestraat is the second-largest single-asset investment in the city centre since 2009 after the €90 mln purchase of the Prins en Keizer office property by German investor HIH Global Invest in April this year.
According ot Savills, the latest transaction pushes the investment volume for the city centre so far this year up to €187 mln, exceeding last year’s volume of €185 mln and marking the highest volume in the past five years.
Clive Pritchard, head of Savills Netherlands, commented: ‘Investors are looking for good quality products located at accessible locations where the lettability for now and in the future remains solid. With the purchase of the property at the Jodenbreestraat, LaSalle has a stable investment with adequate diversification opportunities and a good mix of office space, retail space and parking.’
BÄV is one of the 12 pension institutions of BVK, the Bavarian umbrella pension scheme for self-employed professionals, including doctors, lawyers and architects.
LaSalle was represented in the deal by Savills, CVO Group and Loyens & Loeff. Life Fund Syndication was advised by CBRE and Houthoff.
