Rodamco Europe N.V. has announced the divestment of the office building at Coolsingel 120 in Rotterdam, the Netherlands - also known as Robeco-huis - to KanAm Grundinvest for an amount of approximately €75 million. This amount is above the latest book value. The transaction takes place at a net initial yield of 5.3%.
The Robeco-huis, until 2016 leased to Robeco (part of the Rabobank Group), consists of office space with a total GLA of approximately 19.000 m² and an underground parking with 185 places. The transfer of ownership will be effective as per 25 June 2007.
The sale is in line with Rodamco Europe's policy to divest non-core investments and increases Rodamco Europe's focus on high quality retail, primarily dominant shopping centers in key European cities.
Source: Rodamco Europe