Cording acquires office property in Amsterdam for the Benelux Commercial Real Estate Fund
Cording Real Estate Group, the Northern European real estate investment and asset management firm, has acquired an additional office property in Amsterdam for its Benelux Commercial Real Estate Fund.
The vendor, made up of several investors, held the property in partial ownership. The purchase price has not been disclosed.
The property, at Keizersgracht 22, is the headquarters of the Dutch youth fashion label Scotch & Soda. It provides around 1,650 sq m of office space, which is fully let to the company. Built in 1837, the property was previously a Catholic church until 1928. Due to the nature of its former use as a church, the property offers a unique working environment with large, open-plan office floors.
René de Heus, Director of Investment Benelux at Cording, comments: "We are delighted with the purchase of our latest office asset. In only a short period of time we have been able to acquire seven properties. The acquisition of this architecturally-striking office building again demonstrates how successfully our team can operate in a highly-competitive market. We are aiming at a further investment volume of around €150m in 2018".
Stevens van Dijck acted as technical adviser to the purchaser and legal advice was provided by Van Doorne. Agency firm P van den Bosch provided support to the purchaser and Appelhoven Vastgoedadvies for the vendor.
The open-end special fund AIF, Benelux Commercial Real Estate Fund, was launched in December 2016. It invests in office and retail property in the Netherlands, Belgium and Luxembourg. The focus is on properties with diversified cash flows in economically strong cities. The fund has a gross target volume of €400 million, including €250 million of equity.