German fund manager Real IS has acquired the Alpha Tower, a fully-let office property in Amsterdam, from Commerz Real for around €55 mln.
Located at De Entrée 11-97 in Amsterdam-Zuidoost, a business district about 10 kilometres southeast of the city centre, the property comprises around 20,000 m2 and is fully leased to 25 companies form various sectors.
Alpha Tower was constructed in 2002 and repositioned by Commerz Real in 2014 and 2015 to a multi-tenant concept. The property has been fully leased since the beginning of 2016. 'We have made optimum use of the market cycle to make further strategic adjustments to our Holland portfolio,' said Mario Schüttauf, fund manager at hausInvest, Commerz Real's open-ended fund which held the property.
Munich-based Real IS, which is part of Bavarian bank BayernLB, will add the property to its BGV VI special fund, which focuses on the main asset classes in the Benelux countries as well as Germany and France.
Separately, Real IS reported a transaction volume of €1.4 bn in 2016, up from €1.1 bn in 2015. The fund manager said it exceeded the billion-euro threshold for the first time in terms of equity raised, with €1.1 bn collected from institutional investors and around €41 mln from private investors.
'Our strategy of offering individual and tailor-made investment solutions for institutional investors has been very successful. We have reinforced our market position in this segment. Among other things, this is reflected by our winning an individual mandate of a considerable size from a German insurance company last year,' said Georg Jewgrafow, CEO of Real IS. 'Along with a broad-based investor group from Germany, we have long-term plans to reach international investors with customized offers such as club deals and joint ventures,' Jewgrafow added.
