Korean investors acquire office property in Amsterdam

Korean investors acquire office property in Amsterdam

South Korean investment firms, advised by Hamburg’s Warburg-HIH Invest Real Estate, Hana Alternative Asset Management and NH Investment & Securities have acquired EDGE Amsterdam West office property development from EDGE Technologies via a forward-funding-deal.

It was agreed not to disclose the purchase price, said Warburg-HIH Invest Real Estate in release.

The office building is currently undergoing a full redevelopment and design overhaul. The completion of the office scheme of the main building, which provides 47,700 square metres of lettable area and includes 659 parking spots, is scheduled for spring 2021. The adjacent building of 5,500 square metres is expected to be completed by mid-2022.

The largest tenant is the gas and transmission grid operator Alliander N.V., followed by APG Group and Intertrust Netherlands B.V. Occupancy is currently at nearly 80 percent, the weighted average lease terms being 14 years.

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The Amsterdam office market has developed very strong, both in terms of tenant demand as well as rent performance. Therefore, we are planning further acquisitions in Amsterdam.” Matthias Brodesser, Head of Transaction Management International, Warburg-HIH Invest.

“Amsterdam was at the very top of our list of priorities. We were very pleased therefore when Warburg-HIH Invest presented EDGE Amsterdam West to us. It was the combination of local expertise and the team’s commitment that enabled us to complete the transaction.” Yoon Ho Kim, Director of Hana Alternative Asset Management .

“Besides investment criteria as long WAULT, grade A tenants, increasing market rents and high tenant demand in the area of Teleport, Edge Amsterdam West is an extra ordinary next generation building due to the combination of smart high tech features and best-in-class sustainability, adding value to the well-being of its day-to-day users and the environment.” Reinoud Plantenga, Managing Director of Warburg-HIH Invest Real Estate Benelux.