German asset manager Deka Immobilien has acquired a core-renovated historical office and retail property in the heart of Rotterdam for €64 mln from Multi Corporation.
The building, which is part of the city's Forum scheme, will be added to the property portfolio of the open-ended real estate fund WestInvest InterSelect.
Including a core-renovated building, the project provides around 30,000 m2 of retail and restaurant space and 103 apartments. Deka Immobilien has acquired a collection of units in this complex providing close to 12,200 m2 of leasable space.
Around 5,500 m2 is office space and around 6,700 m2 is retail and restaurant space. The property is leased to five tenants under long-term leases, including ABN Amro and the Donner bookstore as the main tenants. The Forum is located on the Coolsingel main street and Lijnbaan and Beurstraverse pedestrian zones.
Deka said that the deal allowed the fund to acquire a property in a top location that would benefit from continued future appreciation in the city centre. The Coolsingel is currently being reduced from four to two lanes, with plans to redevelop the key thoroughfare as a major boulevard.