Commerz Real sells office complex in Amsterdam to institutional investor
Purchase price approx. 2.3 million euros higher than last valuation
Commerz Real has sold the office property “Arena Toren B” to an institutional investor for 51.6 million euros, aproxx. 2.3 million euros higher than the last valuation (49.3 million). The complex has been in the portfolio of the Commerz Real open-ended real estate fund hausInvest since its completion in 2002. “During the entire period the fund has held the property it has been possible to attain very good results” explains Mario Schüttauf, fund manager for hausInvest.
The complex, which is located in the office district Amsterdam-Zuidoost, comprises two wings each with 19 storeys and has a rentable area of ca. 19,679 m². In the framework of the transfer of benefits and charges the purchaser is also assuming the existing lease agreement for 173 underground car parking spaces which are also let to the tenant in the property, ING Bank.. Following the recent completion of the sale of “Blaak 31” in Rotterdam and TenThirty in Amstelveen this is now the third transaction by Commerz Real in the Netherlands within a short space of time.
In the course of the transaction support was provided by the companies CBRE (transaction consulting) and PWC (tax advice), with the law firm Houthoff Buruma providing legal advice.