Cordea Savills, on behalf of Europa Immobiliare No.1, an Italian-domiciled property fund for private investors, has completed its first acquisition in the Netherlands, buying the office headquarters of USG People in Almere, for €39 million.
The acquisition broadens the Fund's geographic reach which now extends to the UK, Germany, Italy, the Netherlands and Sweden with a gross asset value of circa €400 million.
Almere is a fast growing satellite city situated 25 km east of Amsterdam. The five-year old eight-story office building, 'Le Nouveau Jour', has a rental space of 11,800 m². It is fully let to United Services Netherlands B.V. until 2018, guaranteed by its parent company, USG People N.V. a European employment services firm which is listed on the Amsterdam Stock Exchange.
Richard Lake, Director of Cordea Savills, comments: "This is a low risk first acquisition in the Netherlands that offers a secure income stream as well as returns forecast to exceed the Fund's targets. The Dutch office market is well developed and as a response to the improving economy there is a strong level of demand for quality space. With good growth prospects and a liquid property market, the Netherlands is attracting interest from both international and domestic investors."
Cordea Savills was advised by Jones Lang LaSalle and Simmons & Simmons.
Source: Citigate Dewe Rogerson