Czech investor PPF Real Estate has struck again in the Dutch market with the acquisition of an office building for €47 mln.
Czech investor PPF Real Estate has struck again in the Dutch market with the acquisition of an office building for €47 mln.
Located in Hoofddorp near Amsterdam, the property was bought from Aberdeen Asset Management and comprises 30,000 m2 of space and 325 parking spaces.
It is fully let to publisher Sanoma on a remaining lease term of 10 years.
PPF was advised by NL Real Estate which will conduct asset management activities on behalf of the buyer. The Czech firm was represented on the legal side by Ploum Lodder Princen while CVO Group provided technical support.
Aberdeen was advised on the transaction by Cushman & Wakefield and legal services firm Van Doorne.
PPF Real Estate Holding is part of the PPF Group and has a €1 bn portfolio, comprising more than 60 buildings. The company focuses on the CEE region and Russia as well as parts of Asia.
The deal is PPF’s second in the Dutch market in a short space of time.
In July, the Czech investor acquired six office buildings and a shopping centre from AXA's German open-ended real estate fund AXA Immoselect for €140 mln, reflecting a gross initial yield of 12%.
The transaction was the second-largest reported real estate transaction by volume in the Netherlands so far in 2013 and the largest office deal.
