German fund manager Real IS has acquired the Kavel 3 section of the Oosterdokseiland development project in Amsterdam from a consortium of developers represented by MAB Development Nederland. Financial details were kept confidential.
German fund manager Real IS has acquired the Kavel 3 section of the Oosterdokseiland development project in Amsterdam from a consortium of developers represented by MAB Development Nederland. Financial details were kept confidential.
The scheme, which was purchased on behalf of Real IS's BGV V fund, comprises a total of around 13,000 m2, including De Alexander office building as well as retail space and a restaurant. The asset provides 5,645 m2 of fully let office accommodation largely occupied by De Master Blenders 1753. The retail space houses a Saturn store.
Launched in 2011, the Real I.S. BGV V fund has a targeted gross fund volume of EUR 600 mln. The acquisition of its first office property in the Netherlands was realised during the first half of 2012.
Oosterdokseiland is a development project carried out by a joint venture of MAB Development and Meyer Bergman. The vendors were advised by SIX Advocaten and Lexence. Real IS was advised by Savills and law firm Loyens & Loeff.
Savills will manage the office and retail space on behalf of Real IS.
