Rockspring Property Investment Managers has completed the off-market acquisition of an office building in Amsterdam's South Axis business district.
The vendor of the FOZ Building was MCAP Global Finance (UK), part of New York-based Marathon Asset Management. While the parties did not disclose the financial details, the Dutch Land Registry (Kadaster) records the volume as €89.6 mln.
Rockspring was acting on behalf of PanEuropean PLP, one of Europe’s longest standing core open-ended funds. The deal followed the €50 million in new equity raised for the fund in June.
The FOZ Building was built in 2009 and comprises 12,700 m2 of Grade A office space arranged over six floors with retail on the ground floor. There are also 118 dedicated underground parking spaces.
The building is located in the heart of Amsterdam’s South Axis district with immediate access to its expansive transportation infrastructure, including the A10 orbital motorway and the Zuid - WTC station, which links the South Axis to the wider Amsterdam rail network and Schiphol Airport.
'This is a perfect example of the off-market, evergreen opportunities we endeavour to secure for PanEuropean’s core strategy, which focuses on selected European locations offering low-risk income returns, liquidity and the potential for growth over time,' commented Flavio Casero, partner at Rockspring and fund manager of PanEuropean.
'As a result of this transaction, which will further improve the quality and sector diversification of the portfolio as well as its tenant base, PanEuropean’s value stands at over €500 mln,' Casero said. 'PanEuropean remains very much in capital raising mode and we will continue to deploy equity as and where appropriate in order to further consolidate performance and diversification, with particular focus on offices and logistics.'
Established in 1973, PanEuropean specialises in the acquisition and management of commercial property located in major cities and large conurbations in Western Europe and Scandinavia.
Rockspring was advised by DLA Piper and Knight Frank / NL Real Estate.
