Principal Real Estate Europe, on behalf of the Principal European Core Fund (PECF), has completed the acquisition of the 10,000 m2 Helix office building in Utrecht.
Principal forward-funded the property in a €44 mln development agreement with developer AM in January 2020.
Located in the heart of the Utrecht Leidsche Rijn area, the Helix office building has achieved a GPR sustainability score of eight and is registered for a WELL Building certificate.
Giles Smith, head of funds management at Principal Real Estate Europe, said: 'On completion, the Helix will be an attractive office building in a popular city location where there is a shortage of office space, making it ideally suited to our European core fund portfolio.
'The building provides high quality, flexible office accommodation that meets the changing nature of occupier demand and complements the Principal European Core Fund’s focus on sustainable real estate investment.'
Comprising four floors and two indoor parking levels with space for approximately 150 cars, the building is already more than 90% let to several local and international businesses, including real estate adviser Cushman and Wakefield. the Office Operator, Dyade, Noordhoff publishers and IT software company 2AT.
Commenting on the acquisition, Tia Van Beek, head of Netherlands at Principal Real Estate Europe, said: 'Utrecht is a centrally located city in the Netherlands that, over recent years, has attracted a strong line up of international businesses with a young and vibrant workforce.
'The Helix building has been designed and built to attract and retain this highly educated and mobile demographic that tends to prioritise sustainability and well-being over more traditional considerations. The Helix office building therefore fits seamlessly into our ESG strategy.'
Helix was designed by Paul de Ruiter Architects to incorporate several striking features, including a large spiral staircase to stimulate interaction between employees, a transparent glass front, a patio, and two large atriums with glass roofs.
BAM Bouw en Techniek built Helix and were an active partner in ensuring the building provides a healthy working environment, which led to it obtaining a good score for the WELL certification and a high GPR sustainability score.
Raymon van Miltenburg, member of the Board at AM, said: 'With the transfer of Helix to Principal European Core Fund, we have reached another milestone in our pursuit of offices that respond to the demand of today and the future.'
