PRUPIM has purchased the Jupiter Building in Amsterdam from OVG Projectontwikkeling for 44 million on behalf of one of its client funds. The Jupiter Building is a 12,000-m² office building constructed in 2004 and located in Amsterdam South East (Hongdsrugweg 74-108).
PRUPIM purchased the building off-market at a yield of just over 6%. The building comprises eight storys and is 70% let to telephone directory publisher, Gouden Gids for just over ten years.
David Jackson, Director Fund Management for PRUPIM, comments: "This represents a very good opportunity to acquire a high quality, recently developed office building at a relatively high yield compared to other major continental European cities."
"In addition, our client's 400 million European portfolio is now exposed to one of the most important office markets and financial centres in Europe, complementing its existing presence in France and Italy."
In contrast to most other European centers, Amsterdam lacks a traditional town center Central Business District. Instead it has several smaller office districts, each with its own identity catering to specific market sectors.
The South East office district has developed over the last ten years around the new infrastructure brought to the area by the development of the Amsterdam Arena football stadium. The zone is a well established office location enjoying good motorway access, and is easily accessible from the main financial district, Amsterdam South, the city centre and the Schipol airport.
Cushman & Wakefield Investors acted for PRUPIM and will asset manage the investment in partnership with PRUPIM.
Source: Cushman & Wakefield