German fund manager Union Investment Real Estate has acquired the Marina Offices property in Amsterdam for a special institutional fund.
German fund manager Union Investment Real Estate has acquired the Marina Offices property in Amsterdam for a special institutional fund.
The vendor is Dutch project developer ASR Real Estate Development.
The parties agreed not to disclose the financial details but PropertyEU has established that the investment volume was €19 mln.
The 9-storey multi-tenant office building is located in the Westerdokeiland quarter (IJDock), which is the site of the new Palace of Justice.
Completed in December 2012, the building offers some 4,764 m2 of rental space. The occupancy rate is 71%. The tenants are major law firms.
The IJdock scheme also includes a 300-room hotel and marina, residential accommodation and commercial premises.
Property adviser Savills and law firm Nauta Dutilh acted for Union Investment Real Estate. ASR was advised by property adviser DRS Makelaars and law firm Houthoff Buruma.
The March edition of PropertyEU Magazine features an interview with Reinhard Kutscher, chairman of Union Investment Real Estate and chief investment officer Frank Billand.
