Huidekoper

The BlackRock Eurozone Core Property Fund (“The Fund”) has acquired an office property in the city centre of Amsterdam. This is the fourth acquisition for the Fund, which was launched in May 2018.

The property is located between the edge of Amsterdam’s canal belt, and the lively Pijp district which has benefited from significant gentrification in recent years. The fully pre-let office building is 5,700 square metres in size across five floors and offers thousand square metre open-plan floorplates. It was designed by BiermanHenket Architects and constructed by Aalberts in collaboration with PEAK development, and includes multiple sustainable features including rooftop solar panels. The nearest metro station is an 8 minute walk from the property, which also benefits from extensive connections to the rest of the city via tram and road.

Ian Williamson, portfolio manager of the Fund said: “We are delighted to have successfully secured a rare building in the heart of Amsterdam in an off-market transaction from Bridges Real Estate. The recent refurbishment was performed to a very high standard, and we believe that large grade A floorplates in the canal area will be an attractive proposition to office tenants and investors in the long term. This investment is a fantastic addition to our growing portfolio and provides the Fund with exposure to the expanding Dutch economy and particularly, the Amsterdam office market.”

The BlackRock Eurozone Core Property Fund purchased the property from Bridges Real Estate, and was advised by NL Real Estate - Knight Frank, Clifford Chance, Drees & Sommer and PwC.

BlackRock Real Estate is the dedicated real estate investment group within BlackRock Real Assets and invests in strategies across the risk and return spectrum, providing access to all major property types. The business manages over US $23 billion of private and public real estate equity and debt on behalf of investors worldwide in 17 offices across 11 countries in Asia-Pacific, Europe and the US.