UBS Asset Management's (UBS AM) Real Estate & Private Markets (REPM) business has acquired, by way of forward-purchase, The Flow, an office development in Amsterdam, from ToBeDeveloped.
Financial details were not disclosed.
Designed by MVSA Architects, The Flow will comprise circa 6,000 m2 of flexible office space spread over six storeys.
'This unique investment opportunity is a next-generation concept that stands out because of its emphasis on healthy and sustainable workplaces, which we believe will become increasingly paramount to occupiers’ leasing decisions in future,' said Ward van de Braak, head of UBS AM for REPM in Europe.
'This acquisition, which is our fourth in Amsterdam over the past two years as well as our third in the strongly performing Houthavens area, highlights our confidence in the potential of this landmark development.'
Construction of The Flow commenced in May 2018. It is targeting BREEAM excellent and a WELL Building 'Platinum' certification.
The building is on track to complete in July 2019 with 40% already pre-let to three tenants from creative industries.
'With UBS-AM, we found an investor who embraced our ambition to implement and roll out a series of Flow buildings in Europe. The Flow concept is a different kind of office space with rooms to connect and rooms to disconnect, rooftop venue, a stunning LED display wall at the entrance and a hammam/wellness centre,' said Hans Woerlee, director of ToBeDeveloped.
'Outdoor decks, climate ceilings, adaptive LED lightning and responsive intelligent systems all add comfort, which we believe will resonate positively with prospective tenants.'
UBS-AM was advised by Houthoff, Van Gool Elburg and Deloitte, while ToBeDeveloped was advised by DLA Piper, Cushman & Wakefield and Savills.