Acquired on behalf of Barings the “Amstel Building” in Amsterdam.
Barings Real Estate, part of Barings LLC, one of the world’s largest diversified real estate investment managers, announces that it has acquired the Amstel Building in Amsterdam, The Netherlands, for more than €100 million from Cromwell Property Group in an off market transaction. This represents Barings’ first acquisition in the Benelux countries as part of its pan-European core investment strategy.
The property occupies a prime location in the Omval Business District, one of the fastest growing areas in Amsterdam. It is located directly opposite the Amstel station, one of Amsterdam’s largest railway and metro stations and is also in close proximity to the motorway. The immediate area is benefitting from recent substantial infrastructure investment and expansion of retail and mixed-use offerings. The property has a gross lettable area of ca. 21,900 sq m across 13 floors, including ca. 20,000 sq m of offices and 1,900 sq m of storage facilities, meeting rooms and restaurant space. It also benefits from a 382 space underground car park.
The building is fully let to a mix of 14 strong national and international tenants. The property offers potential for reversion with existing rent levels for the building below market levels.
NL real estate - Knight Frank advised Barings Real Estate during the entire commercial process.