Pre-agreed closing date met as CBRE GI buys canalside Amsterdam office

CBRE Global Investors has acquired an office property in Amsterdam from a joint venture between private alternative investment firm Angelo Gordon and Dutch investment manager APF International. 

According to CBRE Global Investors, the deal was already signed before the Covid-19 outbreak in Europe, and was followed by a pre-agreed closing date which was last week.

Financial details were not disclosed, but information filed with the Dutch land registry reveals the property changed hands for €48.4 mln.

The c. 6,000 m2 Herenstaete building is located on the Herengracht 206-216 and is part of Amsterdam's canalside Unesco World Heritage Site.

Owen Clayton, transactions manager Netherlands, CBRE Global Investors, said: 'This building meets the fund’s strategy of acquiring office buildings in "winning cities" at proven locations. It brings to the market a very high-quality office space in a monumental building at one of the best locations in Amsterdam.'

Herenstaete, which dates back to 1616, is currently undergoing a complete renovation designed by Cruz y Ortiz, who also renovated the Rijksmuseum in Amsterdam. The building's monumental features and spaces will be preserved, whilst creating a modern and sustainable office space within, according to the architects. Delivery is expected in the first quarter of 2022 and leasing activities will begin shortly.

Wiggert Karreman of APF International said: 'We are delighted to contribute to the preservation of this national monument. At the time of acquisition, the building was 10% leased and very outdated. Once delivered this building will be a high-quality national monument with full climate control. This property and location have proven their value since 1616 and will continue to do so."

Vendors Angelo Gordon and APF International were advised by CBRE in this transaction.