Cording buys Emerald House in Amsterdam for Benelux Commercial Real Estate Fund
The Cording Real Estate Group, part of the Edmond de Rothschild Real Estate Investment Management platform, has acquired an office building in Amsterdam for its Benelux Commercial Real Estate Fund.
The asset is the Emerald House office building at Jozef Israelskade 46-48 in Amsterdam-South, between the city centre and the Zuidas. The surroundings are a lively area with good amenities and excellent accessibility via the north-south Metro line. The property has a total lettable area of around 4,600 sq m and benefits from some 80 parking spaces, a unique feature for an inner-city location in Amsterdam. The building has five office floors, let to a diversified mix of tenants.
René de Heus, Head of Investment: "Because of the attractive occupier market, Amsterdam remains an important focus for us. The acquisition of Emerald House will enable us to create added value and benefit from potential long-term rental growth.
Van Doorne and SGS Search advised Cording on the purchase.
The open-end special fund, launched in 2016, concentrates on investments in office and retail property in the Benelux countries. The focus of the fund is on properties with diversified cash flows in economically strong cities. The gross target volume of the fund is 400 million Euro, 250 million Euro of which is equity. The gross capital value of the fund is currently ca. 300 million Euro.