Rodamco Europe sells office building for EUR 75 mln

Rotterdam-headquartered Rodamco Europe has announced the sale of the Robeco-huis office building to the German property investment fund KanAm Grundinvest for around EUR 75 mln. The transaction reflects a net initial yield of 5.3 %, the company said in a press release.

The Robeco-huis, located at 120 Coolsingel in Rotterdam, the Netherlands, is leased to the Rabobank's Robeco unit until 2016. It provides a gross lettable area of 19.000 m² and an underground parking lot with 185 parking spaces. The transfer of ownership will be effective as of June 25, 2007.

The property company said that 'the sale is in line with its policy to divest non-core investments and increases its focus on high quality retail, primarily dominant shopping centres in key European cities.'

Rodamco Europe is the largest publicly listed property investment and management company in the retail sector in Europe. Top quality shops and shopping centres form 94% of its EUR 10 bn property assets. The group is also listed on the Stock Exchanges in Amsterdam, Paris, Frankfurt and Brussels.