Warburg-HIH Invest Real Estate has acquired an existing office building and an office development in Amsterdam for almost €20 mln.

Warburg-HIH Invest Real Estate has acquired an existing office building and an office development in Amsterdam for almost €20 mln.

The Hamburg-based company acquired the Handel and the Pavilion project on Frederik Roeskestraat in the south of the Dutch capital. The vendor was Dutch property developer All-In Real Estate.

The properties are situated in an established Amsterdam Zuid (south) office market that includes the WTC Amsterdam.

The Handel was completed in 2014 and provides 2,200 m2 of office space. The seven tenants include management consultancy Oliver Wyman and the Dutch office of German real estate investment company Patrizia. The average remaining lease term is around five years. The building comes with 20 underground parking spots.

Delivery of the Pavilion is expected in June 2016. The property's lettable area of nearly 1,600 m2 provides space for up to 120 workplaces. The property also includes 14 parking spots. It is fully let to Makerstreet, an agency specialising in marketing and product development.

'Amsterdam's investment market offers enormous potential because the city's population will increase by 10% over the next 25 years,' said Andreas Schultz, managing director of Warburg-HIH Invest.

Warburg-HIH Invest mandated Cording Real Estate Group, TH Real Estate’s strategic partner for the Dutch market, to execute the investment and subsequently manage both real estate assets.

Legal counsel for the acquisition was provided by Baker & McKenzie. Real estate manager DTZ acted for the purchaser while DRS & HMK Notarissen acted for the vendor.


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INVESTMENT BRIEFING

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