AEW, acting on an off-market basis transaction, it has acquired De Ruijterkade 139 in Amsterdam city centre. The asset was purchased from Dutch property company Midvast on behalf of a German separate account. The purchase price was not disclosed.
Located in a prime position adjacent to Amsterdam Central Station, the asset was built in 1915 as the harbour office for Amsterdam’s IJ harbour and retains many period features. It comprises 2,142m² of total lettable space, spread over four floors and a basement, and AEW will undertake a full refurbishment over 12 months to transform the asset, which is currently vacant, into unique Grade A office space.
The demand for office space in Amsterdam has grown significantly over recent years leading to a shortage of available high-quality space in the Dutch capital, where vacancy rates are at a record low of 2.2%.
Frederique Weber, Country Manager for The Netherlands at AEW, commented: “We are very excited with this off-market opportunity brought to us by CityState. This is a prime acquisition in a strong micro-location at a time when rising demand is being met by dwindling supply, which in turn is driving rental growth. We will turn this asset into a unique and high-quality property meeting tenants’ demands that will deliver attractive and sustainable income, as well as capital growth, on behalf of our client.”