European fund manager AEW has acquired Europastaete office property in the Netherlands for €33 mln. The vendor was a fund managed by private equity firm Kildare Partners.
Constructed in 1985 and extensively refurbished in 2007, Europastaete comprises two adjacent office buildings located in Kanaleneiland, the second largest office sub-market in the Dutch city of Utrecht. Both buildings, which together comprise over 16,000 m2, are fully let to Rabobank.
The asset offers a number of opportunities for further value creation due to its flexible layout and underlying land value, as well as the potential for lease regearing, AEW said.
'Europastaete is located in one of the strongest office markets in the Netherlands and is well positioned to benefit from the robust economic recovery in Utrecht,' said Russell Jewell, head of private equity funds for AEW in Europe. 'The immediate Kanaleneiland area offers attractive long-term potential, particularly given the city’s vision to increase residential use in the area.'
Kildare Partners, in conjunction with its in-house asset manager, Curzon Advisers, purchased Europastaete as part of the Aqua portfolio last year.
AEW was advised by Spring.
Kildare Partners and Curzon Advisers were advised by Appelhoven Real Estate Advisers and CMS.