Barings Real Estate, part of global real estate investment manager Barings, has acquired the Amstel Building in Amsterdam, the Netherlands, for more than €100 mln from Cromwell Property Group.
The off-market transaction represents Barings’ first acquisition in the Benelux countries as part of its pan-European core investment strategy.
'The improving micro location, institutional quality and fully-let nature of the building convinced us of the merits of this transaction,' said Gunther Deutsch, European head of transactions at Barings Real Estate.
'In addition to offices, we will also be considering hotel and logistics opportunities in the region. Forward funding is a route we might also consider going forward.'
The property is located in the Omval Business District, directly opposite the Amstel station, and is fully let to 14 domestic and international tenants.
Comprising a gross lettable area of around 21,900 m2 across 13 floors, it includes 20,000 m2 of offices and 1,900 m2 of storage facilities, meeting rooms and restaurant space, plus a 382-space underground car park.
Knight Frank, Malcom Hollis and Houthoff advised Barings on the transaction.