Behringer Harvard and its German co-investment partner HCI Capital AG have acquired two highly visible office buildings at Overschiestraat 63 and 65 in Amsterdam, the Netherlands.
Built in 1992, the approximately 75,000-ft² office buildings are near the Schiphol airport, major highways, and train and seaport facilities. According to the Netherlands Economic Institute, Amsterdam's economy is the second fastest growing in the country.
"These assets will allow our investors to diversify internationally by capitalizing on a superior location in the strong Amsterdam/Sloten submarket," said Robert M. Behringer, chairman and CEO of Behringer Harvard. "The buildings present significant upside potential which our partner, HCI, will help us to realize through its significant management experience and local knowledge."
In 2006, Behringer Harvard announced an investment alliance with Hamburg, Germany-based HCI Capital AG for co-invested acquisitions of up to $1.3 billion in European real estate. The alliance focuses primarily on investments with short-term holding periods in the Netherlands, the United Kingdom, and Germany that display development, improvement or repositioning potential. Behringer Harvard and HCI have previously partnered on other Netherlands acquisitions including a five-story office building near Schiphol airport and a portfolio of seven office properties across several suburban markets of Amsterdam.
The properties have been acquired for Behringer Harvard Strategic Opportunity Fund II LP, which also holds investments in assets in Germany, the Netherlands, California, Florida, and Texas.