RREEF Investment has acquired an office building in the Dutch city of Leiden for about EUR 111 mln from Dutch project development corporation Eurocommerce.
RREEF Investment has acquired an office building in the Dutch city of Leiden for about EUR 111 mln from Dutch project development corporation Eurocommerce.
The property comprises a total of 31,500 m2 of rental space and is let for the long-term - with 20 yeas-plus options - to Dutch insurer Achmea. The property was completed in September this year and is composed of five individual, interconnected buildings with eight floors each. Architect Fons Verheijen designed the façade of the complex in the style of Dutch artist Theo von Doesburg.
'The long-term lease contract with a tenant of the highest creditworthiness makes this property perfect for an open-ended real estate fund', explained Georg Allendorf, speaker for the management board of RREEF Germany.
'The open-ended real estate fund grundbesitz europa currently features a liquidity quota of around 29% and has recorded high cash inflows since the start of the year. We are therefore currently focusing on the targeted acquisition of new properties in order to expand the portfolio according to the respective
investment strategy,' he added.
Grundbesitz europa now holds 35 properties and has an overall value of EUR 2.8 bn. RREEF is the real estate investment management business of Deutsche Bank's Asset Management division.
