Cording buys "Erasmushuis" in Rotterdam for Benelux Commercial Real Estate Fund
Amsterdam, 28 September 2018 – Cording Real Estate Group, the Northern European real estate investment and asset management firm, has acquired the office building Erasmushuis in Rotterdam for its Benelux Commercial Real Estate Fund.
The Erasmushuis is situated at Coolsingel 104 in the city centre, close to the prime retail district. The eleven-storey property has a lettable area of around 4,300 square metres, which is fully let to the office operator Frame Offices. The Erasmushuis is a monumental building which is constructed in 1939 and designed by the famous architect Dudok. During history it was in use as a bank building which is still reflected in the characteristics of the property. The Erasmushuis is situated at the Coolsingel, which will be upgraded during the next years to restore its status as prominent city boulevard.
René de Heus, Head of Investments Benelux: “We are pleased to add this iconic office building to our portfolio. This is the thirteenth acquisition since the start of this fund and there is circa €200 million available for additional purchases. The fund is focused on well-located office and retail properties in the Netherlands, Brussels and Luxembourg.”
The open-ended special fund, Benelux Commercial Real Estate Fund, was launched in December 2016 to invest in office and retail property in the Netherlands, Belgium and Luxembourg. The fund’s focus is on properties with diversified cash flows located in economically strong cities. The fund has a gross target volume of €400 million, which includes €250 million of equity. The total gross asset value (GAV) of the fund is currently around €200 million. The entire portfolio consists of thirteen properties spread over core locations in Amsterdam, Utrecht, Rotterdam, The Hague and Brussels.