La Salle, on behalf of Bayerische Ärzteversorgung (BÄV - Bavarian doctors’ pension fund), has acquired a mixed use and retail building located at the Jodenbreestraat in Amsterdam for circa €80 mln from Life Fund Syndication.
The building comprises approximately 21,248 m² lettable floor area, excluding the parking garage of approximately 5,570 m². The multi use building comprises six retail units in a plinth and is let to AH, Gall & Gall, Hema, Etos, Blokker and Van Haren. It also includes five storey’s of office space fully let to the Municipality of Amsterdam on top and a public parking garage under the building.
The acquisition of Jodenbreestraat is the second largest investment in the city centre since 2009, just below the purchase of Prins en Keizer at € 90 mln by HiH at the beginning of this year. This transaction has pushed the investment volume so far this year up to €187 million, already exceeding last year’s volume (€185 mln) and resulting in the highest volume in the city centre in the past five years.
Clive Pritchard, Head of Savills Netherlands, comments: “Investors are looking for good quality products located at accessible locations where the let-ability for now and in the future remains solid. With the purchase of the property at the Jodenbreestraat, LaSalle has a stable investment with adequate diversification opportunities and a good mix of office space, retail space and parking.”