Evans Randall secures new letting at The Rock, Amsterdam and significant lease extension at TCM complex, Munich (NL/DE)

Evans Randall, the privately-held UK investment banking and private equity group, has secured two important occupational transactions within its continental portfolio, further demonstrating the success of its proactive asset management strategy.

The transactions signal the successful completion of Evans Randall's business plans for the properties, and both are now being marketed to prospective investors.

Evans Randall has agreed to lease three floors totaling more than 4,800 m² of grade-A office space at The Rock, South Axis, Amsterdam, to Russian telecom operator VimpelCom. As a result, all of the building's offices are now let, with VimpelCom joining core tenant De Brauw (a leading Dutch law firm) which occupies the remainder of office space.

VimpelCom's lease will run until 2019 at a rent of €325 per m², and includes the option to extend the current term by up to 10 years. Two retail units, covering 307 m², and archives covering 170 m², are now the only remaining spaces in the 30,000-m² building still to be let.

In a separate transaction, Evans Randall has secured a lease extension from Deutsche Telekom on its sizeable Munich headquarters. Deutsche Telekom has agreed a five-year extension on more than 55,000 m² of office space across the 15-story towers of the Telekom Centre Munich complex, which will see the company occupy the building until at least 2022.

Both properties were originally acquired in 2007.

"We're pleased to have successfully completed our business plans for both of these assets and will now progress our planned investment disposal strategy," said Kent Gardner, Chief Executive of Evans Randall.

Gardner added: "These latest occupational transactions demonstrate our ability to get the most out of our European assets in a low-growth market, through proactive asset management. The new letting to VimpelCom at The Rock is an important step in achieving full letting at the site, further increasing its value and attractiveness to prospective buyers.

"Re-gearing the lease at TCM, one of the largest buildings in single occupation in Germany, should also lead to a significant uplift in the value of the asset which will be crystallized in due course."

Source: FTI Consulting

Related News