U.S. real estate investment and management company Jamestown has acquired Rotterdam’s historic Groot Handelsgebouw, its first large format acquisition in Europe. The 122,000m² historic structure, located in the heart of Rotterdam next to the Central Station and 20 minutes from Schiphol airport, is emblematic of the city’s redevelopment after World War II. The building will now become a symbol of the innovation economy. Built in 1953 to help fulfil an acute need for office space Groot Handelsgebouw has become one of the largest mixed-use buildings in the Netherlands housing more than 450 businesses.
Jamestown acquired the building from an investment vehicle managed by real estate private equity firm HighBrook Investors for a purchase price of €289m. HighBrook had previously acquired the asset in July 2018 for approximately €169m through an off-market public-to-private transaction involving the legacy Dutch listed company.
“Groot Handelsgebouw is at the heart of Rotterdam’s history of growth and regeneration; we hope to continue that legacy with a new chapter through creating a hub for the new innovation economy,” said Michael Phillips, President of Jamestown.
