Korean Kiwoom enters Dutch market with €130m tower buy

South Korean global asset management specialist Kiwoom Asset Management has entered the Dutch market with the acquisition of the Queens Towers office complex in Amsterdam for €130 mln.

Kiwoom AM, which was supported in the acquisition by AF Advisory and DTZ Investors, is said to have secured a 'strong yield' on the transaction while hoping to benefit from future rental uplifts due to the relatively low rental levels of the asset. 
 
'Kiwoom Asset Management selected Amsterdam because of its strong and stable economic growth and severely constrained supply of new office buildings, which is leading to rising rents,' said its advisors AF which sourced the transaction and advised on deal structuring and financing.

DTZ Investors acted as the European asset manager and will continue to provide investment and asset management services going forward.

David Peacock of DTZ Investors said: 'We are delighted to announce Kiwoom Asset Management Company as our newest client through the acquisition of the landmark Queens Towers, Amsterdam. This core investment is situated in a location benefitting from excellent transport connectivity and is let off relatively low rental levels, presenting our client with excellent prospects for future growth.'

Queens Towers, a 28,000 m2 office complex consisting of three towers on Amsterdam’s West Axis, is let on a weighted average unexpired lease term over nine years with the majority of the income derived from the government agency UWV.

 

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