US real estate investment and management company Jamestown announced on Wednesday that it has acquired Rotterdam’s historic Groot Handelsgebouw in its first major acquisition in Europe.
Jamestown, most notably known for projects like Chelsea Market in New York, acquired the 122,000 m2, city-centre building from an investment vehicle managed by real estate private equity firm HighBrook Investors for €289 mln.
HighBrook had previously acquired the asset in July 2018 for approximately €169 mln through an off-market public-to-private transaction involving the legacy Dutch listed company.
'Groot Handelsgebouw is at the heart of Rotterdam’s history of growth and regeneration; we hope to continue that legacy with a new chapter through creating a hub for the new innovation economy,' said Michael Phillips, president of Jamestown.
HighBrook was advised on the transaction by Jones Day and Loyens & Loeff as well as its asset manager, Equity Estate. Jamestown was advised by Greenberg Traurig.