A consortium led by White Estate Investments has acquired an office property in Amsterdam from Eurocommercial Properties (ECP) for EUR 86.5 mln, ECP said in a press release issued after the close of trade on Euronext Amsterdam on Tuesday.
A consortium led by White Estate Investments has acquired an office property in Amsterdam from Eurocommercial Properties (ECP) for EUR 86.5 mln, ECP said in a press release issued after the close of trade on Euronext Amsterdam on Tuesday.
The building, known more commonly as 'the book', comprises 40,000 m2 of space which is leased to the Dutch tax authorities until 31 July, 2014. The transaction is due to be completed by end-March 2009 at the latest.
Amsterdam-based ECP said it will use the proceeds from the sale to reduce borrowings, enabling it to fund future shopping centre extensions or new acquisitions. The sale effectively marks the company's exit from the office sector, leaving it with a portfolio of 31 shopping centres and other retail assets in France, northern Italy and Sweden.
Jones Lang LaSalle Amsterdam acted for ECP in this transaction.
