German real estate fund manager Real IS has bought the Hollandia office complex in Amsterdam from ING Real Estate Investment Management. The transaction price was not disclosed, but is believed to be between EUR 37.5 and EUR 39 mln, reflecting a yield between 6.4-6.6%.
German real estate fund manager Real IS has bought the Hollandia office complex in Amsterdam from ING Real Estate Investment Management. The transaction price was not disclosed, but is believed to be between EUR 37.5 and EUR 39 mln, reflecting a yield between 6.4-6.6%.
The purchase was made on behalf of Real IS's special fund, BGV IV, which was launched last year targeting a volume of EUR 700 mln.
The Hollandia office scheme offers around 9,950 m2 of space close to Amsterdam's central railway station. The complex was completed in September 2007 and is fully leased on a long term basis to Tom Tom International.
Hollandia was held in the ING Dutch Office Fund, managed by ING REIM Netherlands.
Real IS was advised by law firms Loyens & Loeff and Drees & Sommer. The vendor was advised by DRS Makelaars and NautaDutilh.
