Cording Real Estate Group (Cording), member of the Edmond de Rothschild Real Estate investment and asset management platform, has acquired an office building in Amsterdam for its Benelux Commercial Real Estate Fund.
The property comprises a double canal house situated at Singel 236 and Herengracht 205. It is located in the heart of the canal district, close to the Dam square.
The office building in Amsterdam is fully let to two IT-related companies. The total lettable floor area amounts approximately 5,000 sqm and there is an underground parking garage, which is unique for an inner-city location within Amsterdam.
“Because of the international character the city centre of Amsterdam has an unique business climate. Through this acquisition we strategically expand our portfolio in order to provide suitable office space for the top segment now, and in the future,” said René de Heus, Head of Investment.
Cording was advised by Van Doorne and SGS Search. Seller was advised by Dentons Boekel and Appelhoven Vastgoedadviseurs.
The open-ended special fund, Benelux Commercial Real Estate Fund, was launched in December 2016 to invest in office and retail properties in the Netherlands, Belgium and Luxembourg. The fund’s focus is on properties with diversified cash flows located in economically strong cities. The fund has a gross target volume of €400 million, which includes €250 million of equity. The total gross asset value (GAV) of the fund is currently around €380 million.