Rockspring Property Investment Managers has completed the off-market acquisition of the FOZ Building, a fully occupied, multi-let office tower in Amsterdam, from an affiliate of MCAP Global Finance. The acquisition was made on behalf of PanEuropean PLP, one of Europe’s longest standing core open-ended funds, and follows the €50m in new equity raised for the Fund in June.
The landmark office building, which was built in 2009, comprises c.12,700 m² of Grade A office space arranged over six floors with retail on the ground floor, as well as 118 dedicated underground parking spaces.
The building is located in the heart of Amsterdam’s South Axis district with immediate access to its expansive transportation infrastructure, including the A10 orbital motorway and the Zuid - WTC station, which links the South Axis to the wider Amsterdam rail network and Schiphol airport.
Flavio Casero, Partner at Rockspring and Fund Manager of PanEuropean commented: “This is a perfect example of the off-market, evergreen opportunities we endeavour to secure for PanEuropean’s core strategy, which focuses on selected European locations offering low-risk income returns, liquidity and the potential for growth over time. As a result of this transaction, which will further improve the quality and sector diversification of the portfolio as well as its tenant base, PanEuropean’s value stands at over €500m. PanEuropean remains very much in capital raising mode and we will continue to deploy equity as and where appropriate in order to further consolidate performance and diversification, with a particular focus on offices and logistics.”
Eduardo Noguera, European Director at Rockspring added: “We have been focusing on Amsterdam for some time. Strong tenant demand, record low vacancy levels, a restricted development pipeline and a strengthening economy are all factors underpinning the strong growth prospects for this market, where we continue to source compelling opportunities for our various funds. With regard to the FOZ building, we expect to achieve and exceed target returns for our investors through a combination of such strong market fundamentals, the property’s exceptional location in the very heart of the South Axis district, and the proven execution capabilities of our in-house, Amsterdam-based asset management team.”