Angelo Gordon, APF strike again in Dutch market with two deals

A day after announcing the sale of a canalside office in Amsterdam, private alternative investment firm Angelo Gordon and investment manager APF International have revealed two further transactions in the Dutch market.

The joint venture partners said on Tuesday that they have sold the Life office building in Utrecht (pictured), while at the same time buying an office property in Amsterdam let to mass circulation newspaper De Telegraaf.

Financial details were not disclosed for either deal, but PropertyEU's sister publication PropertyNL estimates that the 15,000 m2 Life property in Utrecht, which the JV acquired for €13 mln in 2017, has been sold to Israeli investor Aspen Real Estate Investments for between €40 mln and €50 mln via a share transaction. That estimate is based on a rent of €170 per m² and the fact that the building has been fully renovated and leased up in the last three years.

Located in Papendorp business park in Utrecht, Life was a totally vacant property when Angelo Gordon and APF bought it in 2017. The building has since been fully refurbished and repositioned as a sustainable, modern office complex with a strong hospitality concept including services such as a gym, conference facilities and restaurant. It is leased to 12 different tenants and coworking group Briggs.

APF and Angelo Gordon were advised on the Utrecht transaction by Cushman & Wakefield, and Osborne Clarke and PwC on the legal side.

The Amsterdam property comprises 42,000 m2 and is located in the city's Sloterdijk district. It was sold by Mediahuis Nederland, publisher of De Telegraaf among other publications, in a deal which sees the newspaper lease back 21,500 m² of space on a long-term contract while pension fund giant APG occupies other space on a temporary basis while its own office nearby is renovated.

The site also offers potential to develop another 60,000 m2 of office space. Angelo Gordon/APF intend to renovate the premises currently occupied by APG and turn their asset management skills to the entire site in due course.

Mediahuis was advised on the sale by CBRE and law firm Houthoff. The buyer was represented by Osborne Clarke, Struc and Nivab Vastgoed Advies.

On Monday, Angelo Gordon/APF announced they had sold the 6,000 m2 Herenstaete building in Amsterdam to CBRE Global Investors for nearly €50 mln