PRUPIM has completed its second acquisition in the Netherlands real estate market with the purchase of a prime landmark office building in Amersfoort, on behalf of the M&G European Property Fund. PRUPIM purchased the Schuitema HQ offices, 26-30 Databankweg, for €47.47 million from Mondia Investments BV. The yield was 6.25%.
The building is situated on estate De Hoef, one of the principle office locations in Amersfoort and comprises 15,600 m² of office area over two buildings.
PRUPIM's David Jackson, Fund Manager commented: "We are very pleased to have secured this high quality office building for the M&G European Property Fund. This purchase increases the Fund's exposure to offices as the Dutch office rental cycle begins to recover, and also provides the Fund with an exceptionally long security of income. There is a strong international demand for investments of this quality and size."
The building was developed in 1999-2001 to a high class architectural standard and is fully let to Schuitema Vastgoed B.V., a major national supermarket organisation, until 2017.
It is strategically located on estate De Hoef, next to the major A1 motorway linking Amsterdam to Germany.
Jones Lang LaSalle represented PRUPIM and Van Gool Elburg represented the vendor.