AEW has acquired Europastaete office asset from Kildare Partners for €33m. The property, built in 1985 and extensively refurbished in 2007, comprises two adjacent office buildings located in Kanaleneiland, the second largest office sub-market in Utrecht. Both buildings, which together comprise over 16,000 m², are fully let to Rabobank.
Europastaete benefits from a strategic position between the CBD and the major office business park Papendorp and is easily accessible from both the A12 motorway and the city centre. The asset offers a number of opportunities for further value creation due to its flexible layout and underlying land value, as well as the potential for lease regearing.
Commenting on the acquisition Russell Jewell, Head of Private Equity Funds for AEW in Europe, said: “Europastaete is located in one of the strongest office markets in the Netherlands and is well positioned to benefit from the robust economic recovery in Utrecht. The immediate Kanaleneiland area offers attractive long-term potential, particularly given the city’s vision to increase residential use in the area.”
Kildare Partners, acting together with Curzon Advisers Ltd, purchased Europastaete as part of the Aqua portfolio last year.
AEW was advised by Spring Real Estate. Kildare Partners and Curzon Advisers Ltd were advised by Appelhoven Real Estate Advisers and CMS.
