Sustainable office developer OVG has sold The Valley, a 75,000 m2 mixed-use development being built in Amsterdam’s Zuidas business district, to the RJB Group of Companies owned by Dutch retail property magnate Ronny Rosenbaum.
Financial details were not disclosed but Rosenbaum is believed to be paying around €300 mln for the complex on which construction work started this summer, PropertyEU has learned.
The Valley comprises three towers totalling 75,000 m2 of which around 25,000 m2 is allocated to offices with the remainder spread across 196 rental apartments as well as public and cultural amenities. The complex will also offer a sky bar and 375 underground parking spaces.
The building will arise opposite ABN Amro’s headquarters on the Beethovenstraat. The main office tenant is BCD Travel which will relocate from Utrecht to Amsterdam.
OVG Real Estate was advised on the transaction by CBRE, law firm Loyens & Loeff and Heeren Makelaars. RJB was represented by brokerage firm Van Gool Elburg and legal firm DLA Piper.
Founder of The Sting
Ronny Rosenbaum, founder of retail chain The Sting, is a long-time investor in the Dutch retail market and owns €1.2 bn of assets on Amsterdam’s prime high streets Kalverstraat and PC Hooftstraat. The Dutch portfolio also includes assets in cities like Tilburg and Enschede. Rosenbaum was in advanced talks to sell the Dutch portfolio to Syntrus Achmea last year but that deal ultimately collapsed.
Rosenbaum previously also owned a retail property portfolio in Germany but sold off the bulk of this to Germany's Deka last year for €700 mln.
