Wölbern Invest buys mixed-use building in Amsterdam

By A staff reporter 2012-02-27T00:00:00+00:00

Germany's Wölbern Invest has purchased an office and retail building in the port area of Amsterdam for an undisclosed amount.

Germany's Wölbern Invest has purchased an office and retail building in the port area of Amsterdam for an undisclosed amount.

In a statement on Monday, Hamburg-based Wölbern Invest said the asset is leased with a 15-year rental agreement to Dutch retail chain Hema and with a 10-year contract to publishing group VNU Media, which uses the property as its corporate headquarters.

The building provides 28,700 m² and 434 parking spaces, while generating an annual rental income of EUR 6 mln.

The asset will be transferred to a new closed-end fund due to be launched in the second quarter of the year. The investment vehicle will have a life term of five years.