Real I.S. AG has acquired the Moermanskkade 300 office building in Amsterdam, located at Houthavens district for its REALISINVEST EUROPA open-ended real estate AIF for private investors in Germany.
The five-storey office building was constructed in 2018 with around 5,000 square metres of floor space and is currently let to six users. The seller was a private investor. The purchase price was not disclosed.
“Houthavens has established itself as a hub for the growing creative industry, and has become a base for many media and design companies. With this acquisition, we are making sure that our investors can benefit from the development of this attractive Amsterdam submarket, which is well positioned to enjoy continued future growth”, said Axel Schulz, Head of Global Investment Management at Real I.S. AG.
“Having concluded this acquisition for our first open-ended product for private investors, we have taken the first step to implement our clearly defined investment strategy. The property is modern, has a high occupancy rate and is in a sustainable micro-location with great potential”, said Jochen Schenk, CEO of Real I.S. AG.
“The Amsterdam office market also has an attractive risk-return profile and benefits not only from falling vacancy rates but also from rising prime rents, especially in attractive waterfront locations”.
Jochen Schenk added.
The property is the first acquisition for Real I.S. AG’s open-ended real estate fund for private investors in Germany. The new REALISINVEST EUROPA fund is due to go public with a seed portfolio of up to five properties with an investment volume of about EUR 300 million in Q1 2020.
The domestic AIF will invest in core and core plus commercial real estate in Europe, broadly diversified by type of use and location, supplemented by select investments in manage-to-core properties. Real I.S. expects an annual distribution of 2.0 to 2.5 per cent at fund level.
In addition to Germany – not least due to Real I.S. AG’s local investment and market expertise – the Netherlands, France, Ireland and Spain have also been selected as potential investment markets for the fund’s portfolio.
Van Dijk and Ten Cate Vastgoedadviseurs advised Real I.S. on the transaction. Legal advice was provided by DLA Piper and technical due diligence was conducted by Savills.