NorthStar Realty Europe Corp. (NRE) has sold the Maas Tower in Rotterdam to a joint venture between FOM Real Estate, Asia Pacific Real Estate and CoquineSA. The company has acquired the 44 floor, 165-meter-highrise office building in Rotterdam comprising a total floor area of approximately 38,000 m2 and 639 parking spaces in an indoor parking garage, in December 2014. 70% of the office building is leased to Deloitte and AKD on a long-term basis. In the second half of 2017, both parties extended the lease agreements in the Maas Tower for the long-term. International real estate advisor Cushman & Wakefield supervised the sale on behalf of NRE.
Maas Tower is NRE’s largest remaining non-core asset and the sale marks NRE’s exit from the Netherlands.
Boris Ziermans, International Partner at Cushman & Wakefield: "The successful sale of the Maas Tower is an indication of the increased investors' appetite for the Rotterdam office market in the current hunt for yield. The current yield spread between high-quality offices at attractive locations in the four major cities imply that beyond Amsterdam, core investors will increasingly focus on cities such as Utrecht and particularly Rotterdam and The Hague.”
During the transaction, NRE was commercially advised by international real estate advisor Cushman & Wakefield and legally supervised by Clifford Chance. The buyer was commercially advised by Cornerstreet Capital and legally supervised by Loyens Loeff.
