AF Advisory and DTZ Investors acquire EUR130 million office in Amsterdam for South Korean investor

Korea’s Kiwoom Asset Management has acquired the Queens Towers office buildings in Amsterdam, Netherlands, for EUR130 million. Kiwoom AM was supported in the acquisition by AF Advisory and DTZ Investors.

Queens Towers is a highly prominent 28,000 sq m (300,000 sq ft) office building on Amsterdam’s West Axis, a rapidly improving office location on the A10 ring road circling central Amsterdam. Queens Towers is let on a WAULT exceeding nine years with the majority of the income derived from the government agency UWV. The three towers benefit from an energy efficiency rating of A.
The particular area of the West Axis where Queens Towers are located benefits from excellent traffic connections, with direct and easy access to Amsterdam Central Station, Schiphol Airport and the city centre, as well as South Axis and the wider Netherlands. The location is improving significantly with a large number of residential and commercial developments in the pipeline.  Queens Towers’ distinctive architecture and location make it a landmark building for that area. Kiwoom Asset Management selected Amsterdam because of its strong and stable economic growth and severely constrained supply of new office buildings, which is leading to rising rents.
AF Advisory sourced the investment opportunity and advised on deal structuring and financing. DTZ Investors acted in capacity as the European Asset Manager and will continue to provide investment and asset management services going forward, with AF Advisory providing strategic asset management input.
David Peacock of DTZ Investors says: “We are delighted to announce Kiwoom Asset Management Company as our newest client through the acquisition of the landmark Queens Towers, Amsterdam. This core investment is situated in a location benefitting from excellent transport connectivity and is let off relatively low rental levels, presenting our client with excellent prospects for future growth.”
Alexander Fischbaum, Founder of AF Advisory says: “With Queens Towers, we have secured a highly desirable investment for Kiwoom Asset Management in an area with exceptional long-term prospects. This is a very attractive transaction, giving our client access to long-term government income at a strong yield, while also benefitting from highly competitive financing and future rental uplifts.”

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