AEW, acting on behalf of AEW Europe Value Investors II (EVI II), has acquired two assets located in Rotterdam, the Netherlands, from HighBrook Investors with a total GLA of over 27,000m². This is the third investment for the EVI II Fund, following recent acquisitions in Munich and Madrid, bringing the total portfolio value close to €200m.
Boompjes 258 is situated on the banks of the River Nieuwe Maas and has panoramic views over the city. The asset underwent renovation in 2018 and comprises over 16,000m² of grade A lettable space over 22 floors.
The second property, Vasteland 10-40, is a mixed-used asset which is located 500m away from Boompjes 258, adjacent to the Vasteland tram station. It comprises almost 4,000m² of retail space on the ground and first floors and over 6,000m² of office space on the upper six floors. The building was refurbished in 2017 and is multi-let to 14 tenants. Both assets hold Grade A energy labels.
Carsten Czarnetzki, Fund Manager of EVI II, commented: “In line with our Fund strategy, these properties are in one of the most dynamic submarkets of Rotterdam, at a time when increasing take-up is being met by dwindling supply. We have an excellent opportunity to actively drive occupancy against a backdrop of reduced supply of good quality office space, repositioning into high quality, multi-let properties to meet current needs. We have a strong pipeline of potential acquisitions in place and through our network, we are seeing opportunities across Europe to deliver value on behalf of our investors.”