CBRE GI acquires core office property in Amsterdam

CBRE Global Investors and the international acquisition platform of the Cicerone Fund (Cicerone RE Holding BV), managed by Fabrica SGR, have acquired a core office property, the Baker McKenzie House, in Amsterdam from NORDCAPITAL Immobilienfonds Niederlande 7 fund, managed by The Nordcapital Group.

The core office property includes circa 11,000 sq m office space which is fully let, anchored by the international law firm Baker McKenzie. On the ground floor there are two restaurants and one retail unit.

This iconic prime office building is located on the South Axis, opposite what will be a newly developed entrance to the train station.

“This trophy asset has a number of attributes that make it a sound addition to the portfolio,” commented Owen Clayton, Transaction Manager, CBRE Global Investors. “The building is located on one of the best-performing office locations in Europe and is set to improve further. It also offers secure income from a strong covenant,” he added.

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Giovanni Maria Benucci, Fabrica SGR’s CEO, said: “We’re proud to announce a new deal for Cicerone Holding platform investment, coming just a few days after the iconic Brussels Mondrian Building acquisition. The operation is consistent with Cassa Forense’s investment strategy, focused on trophy assets in major European cities. The share of international asset allocation for Cicerone Fund reached 45%, in line with the investor’s geographic diversification needs.”

Following the recent acquisition of the Mondrian Building, this is the seventh investment for the Cicerone RE Holding outside of Italy.