Dutch property company Vastned Offices/Industrial has purchased three office buildings in the Netherlands and Germany for a total investment of EUR 20.4 mln. In Amsterdam the company purchased an historic office property at 499 Herengracht for an investment of EUR 4.3 mln , reflecting an initial yield of 4.4%. The property has a lettable floor area of 1,085 m[sup]2[/sup] with an average lease rent of EUR 190 per m[sup]2[/sup].
Dutch property company Vastned Offices/Industrial has purchased three office buildings in the Netherlands and Germany for a total investment of EUR 20.4 mln. In Amsterdam the company purchased an historic office property at 499 Herengracht for an investment of EUR 4.3 mln , reflecting an initial yield of 4.4%. The property has a lettable floor area of 1,085 m2 with an average lease rent of EUR 190 per m2.
Also in the Netherlands, the company bought 92-94 Nehuyskade in The Hague for some EUR 7.5 mln. The fully leased building has some 2,900 m2 of lettable floor area and 35 parking spaces on freehold land. It has a total gross annual rent of EUR 400,000.
In Frankfurt, the company spent EUR 8.7 mln on 33 A Mainzer Landstrasse in the financial centre, the Bankviertel. The office has a lettable floor area of 3,300 m2 and 42 underground and a net initial yield of 4.8%.
Hans Pars, chief investment officer of VastNed Offices/Industrial, commented: 'These investments emphatically contribute to VastNed Offices/Industrial's profile, which aims for strong healthy segments in large liquid office markets with scope for rent growth. Such rent growth can be realised relatively quickly by active asset management. Taking the quality of these properties into account, these acquisitions will achieve long-term cash flows which secure the long-term interests of our shareholders.'
