Real IS, the property arm of German lender BayernLB, has acquired an office building in Amsterdam from a joint venture between local player APF International and US-headquartered Angelo Gordon for €50 mln.
Amsterdam Y-point is a single tenant office building, fully let to Belgian workspace provider Fosbury and Sons, as of September 2019. The 7,000 m2 asset is located on the Van Diemenstraat 206-380 in the Old Houthavens in Amsterdam, and is currently undergoing a full renovation.
'The Dutch real estate market and especially the office market in Amsterdam is very attractive,' said Axel Schulz, global head of investment management at Real IS.
'Y-Point is well connected and offers the possibility of dividing up the office space in multitenant use if necessary. As a core property, it fits in well with our investment strategy,' Schulz added.
Y-Point was built in 1913 and is being redesigned by the Spanish architectural studio Cruz y Ortiz, also known for the city's Rijksmuseum. Fosbury and Sons is expected to take up occupancy in early 2020, once fit out is complete.
APF/ Angelo Gordon were advised by CBRE (commercially), Osborn Clarke (legally) and Structure Development (technically). Real IS was advised by Van Dijk en Ten Cate (commercially), Loyens & Loeff (legally) and Savills (technically).
