Commerz Real sells office complex in Rotterdam to institutional investorellen Investor
Purchase price approx. 75.6 million euros
Gross yield of approx. seven per cent
Commerz Real has sold the office complex “Blaak 31” in Rotterdam for approx. 75.6 million euros to an institutional investor; the property had belonged to the open-ended real estate fund hausInvest since 2008. Based on the current annual rent, this results in a gross yield of approx. seven per cent. “We are in the process of streamlining our Holland portfolio and have utilised the strong demand for properties in premium locations in order to attain a very good outcome for our investors,” explains Mario Schüttauf, a fund manager at hausInvest.
“Blaak 31” is located in downtown Rotterdam, in the immediate vicinity of the central railway station and the covered market “Markthal Roterdam”, which is regarded as the most modern in Europe. The ten-storey building has approx. 22,693 square metres of office space and 489 square metres dedicated to gastronomy, as well as an underground car park with 94 parking spaces. Thanks to the fact that it is connected to a heat and cold storage system it has attained the highest energy efficiency class A. The property is leased in full to five companies; the main tenant is the Dutch law firm Loyens & Loeff.
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 also providing legal advice.