M&G Real Estate, the property arm of M&G investments, has acquired an office scheme in central Amsterdam for €22.4 mln.
The property, located on Frederiksplein 42, has a total area of 2,600 m2 and is fully let to the Amsterdam Internet Exchange (AMS IX).
‘We have been patiently awaiting the right opportunity in the Netherlands, and as the key indicators for growth in the Amsterdam office market have improved over the past year we decided the time was right to invest,’ commented Simon Ellis, director of European investment for M&G.
‘Frederiksplein 42 allows us to increase our Dutch exposure with a high-quality core asset and we have further capital to allocate to the sector,’ he added.
According to the firm, M&G Real Estate’s investment comes at a time when GDP in the Netherlands is growing, with forecasts expecting continued growth of 2.5% per annum over the next two years.
M&G Real Estate was advised by AC Niellsen, while the seller was advised by Van Gool Elburg.