Cromwell JV bags Rotterdam office for €48m

Australian investor and asset manager Cromwell Property Group has acquired an office building in Rotterdam for €47.6 mln, according to Dutch land registry data.  

Cromwell reportedly purchased the 27-storey property, known as Blaak 555, together with US investment management firm Goldman Sachs. Details of the vendor were not disclosed, but is believed to be German investor KanAm.

Dating from 1996, the building is located in the heart of Rotterdam's Central District and comprises 28.343 m2 of space. The complex is let to various tenants, including ABN Amro Bank which occupies 5,400 m2 of space.

Wouter Zwetsloot, managing director for the Benelux at Cromwell Property Group, said the acquisition offered potential for adding value through proactive asset management, rebranding and repositioning.

Cromwell was advised on the transaction by CBRE. The Australian group manages a portfolio of 67 assets worth €975 mln in the Benelux region, spread over 11 mandates.





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