BlackRock Real Assets acquires office building in Amsterdam city centre
BlackRock Real Assets has acquired an office property in the city centre of Amsterdam. This is the fourth acquisition for the BlackRock Eurozone Core Property Fund which was launched in May 2018.
The property is located between the edge of Amsterdam’s canal belt, and the lively Pijp district which has benefited from significant gentrification in recent years. The fully pre-let office building is 5,700 square metres in size across five floors and offers thousand square metre open-plan floorplates. The building contains multiple sustainable features including rooftop solar panels. The nearest metro station is an 8-minute walk from the property, which also benefits from extensive connections to the rest of the city via tram and road.
Ian Williamson, Portfolio Manager of the Fund, says: “We are delighted to have successfully secured a rare building in the heart of Amsterdam in an off-market transaction from Bridges Real Estate. The recent refurbishment was performed to a very high standard, and we believe that large grade A floorplates in the canal area will be an attractive proposition to office tenants and investors in the long term. This investment is a fantastic addition to our growing portfolio and provides the Fund with exposure to the expanding Dutch economy and particularly, the Amsterdam office market.”
The BlackRock Eurozone Core Property Fund purchased the property from Bridges Real Estate, and was advised by NL Real Estate – Knight Frank, Clifford Chance, Drees En Sommer and PwC. Bridges were advised by Cushman & Wakefield, Dentons Boekel, PwC and CVO.