AEW announces, on behalf of its Europe Value Investors Fund, that it has acquired De Vyzel, a multi-let office building in Amsterdam City Centre, from Chalet Group, for €14.5m.
It is the second acquisition in the Netherlands for EVI, a value add fund focusing on European manage-to-core office assets, following the purchase of a multi-tenanted 19,714m² office building located in the Sloterdijk district of Amsterdam in October 2016.
De Vyzel, which comprises 4,045m² over basement, ground and seven storeys, is currently 88% let to a range of tenants including NutsServices and ABN AMRO Bank, with a WALT of just over four years with significant reversionary potential.
The asset is located on Vijzelstraat, one of Amsterdam’s main thoroughfares, where other occupiers in the area include Uber, Booking.com and Spaces, the flexible office accommodation providers.
This transaction brings the EVI portfolio to 16 assets across the UK, France, Spain, Germany and the Netherlands, with a total value of €487m. EVI was launched in 2014 and invests in office assets that offer potential capital gains through active asset management in Western and Southern European markets. The Fund targets a net IRR of 9-11% with a maximum LTV of 50% and has already committed in excess of 80% of the equity raised. The Fund held its final close in July with total commitments of circa €410m.
AEW was advised by Spring Real Estate and Kennedy Van der Laan; Chalet Group was advised by Appelhoven Vastgoedadviseurs.
