Singapore's First Sponsor buys Amsterdam office asset

First Sponsor Group Limited, an institutional investor from Singapore, has acquired an office building in Amsterdam from AEW Europe along with a number of Singaporean private investors.

The deal is taking the form of a share acquisition from Euroffice 445 for a sum of €51.5 mln. First Sponsor Group, which is listed on the Singapore Stock Exchange, is buying 100% of the shares in Euroffice 445 together with private investors Cobb Financial Corporation (a subsidiary of Tecity Group), Siong Lim Private Limited and Maleny Investments Limited.

Each of the investors will obtain a stake of 33%, 33%, 29% en 5% in Euroffice 445. Under the agreement, First Sponsor Group has an option to expand its stake to more than 50%.

The Zuiderhof I property is located in the South Axis, Amsterdam’s central business district. The office building provides around 12,500 m2 of office space and 111 parking spaces. It is fully let to Dutch legal firm Van Doorne.

Zuiderhof 1 is the first direct commercial real estate acquisition by an Asian investor in the Netherlands. The interest of Asian investors in Dutch real estate is growing, with increasing numbers expressing a desire to buy offices, shopping centres and residential property. It is expected that more Asian investors will follow First Sponsor Group’s lead.

AEW Europe was advised by CBRE, JLL and Greenberg Traurig. First Sponsor Group Limited was advised by DTZ Zadelhoff and Loyens & Loeff.