Czech investor PPF Real Estate Holding has acquired the Millennium Tower office building in Rotterdam from Germany’s Commerzbank for around €47.5 mln.
Czech investor PPF Real Estate Holding has acquired the Millennium Tower office building in Rotterdam from Germany’s Commerzbank for around €47.5 mln.
The property, located at Weena 686 opposite Rotterdam’s central railway station, comprises around 30,000 m2 of space and 167 parking places and is divided into a hotel and office premises. The building is let to around 10 tenants and some 20% of the space is vacant.
Cushman & Wakefield advised Commerzbank and asset manager Aberdeen Asset Management on the sale, with Loyens & Loeff providing legal advice. BNP Paribas was property manager for the seller, while NL Real Estate and law firm NautaDutilh acted for PPF. Technical assistance was provided by CVO Group and Tauw.
PPF Real Estate Holding is part of the PPF Group, which had total assets under management at end-June of €24 bn. PPF is controlled by Czech billionaire Petr Kellner.
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