LaSalle Investment Management has made its first Dutch acquisition for French public service additional pension scheme, ERAFP.
The acquisition price was €127.3m. The seller Cairn Real Estate acquired the offices mid 2014 for €84.1m.
The office complex Bright Offices asset is a grade A office space and comprises 61,000 m² and 516 parking places spread over 4 multi tenant independent buildings in a location with good accessibility at affordable rental levels relative to the wider market. It is a multi-tenant office complex comprising of four independent buildings in Amsterdam Sloterdijk in the north-western part of the city.
It is a well-recognised back office location which – as one of the main locations of urban expansion – is developing into a multi functional area. The complex offers excellent access to private and public transport, is located right next to the Sloterdijk intercity station and in close vicinity to A10 and A5 motorways.
In addition, LaSalle said Amsterdam has the largest and most important office market in the Netherlands and is expected to outperform the European and national average over the next five years, with expected GDP growth of 2.2% per annum.
It is the sixth acquisition LaSalle has made on behalf of ERAFP under the ten year investment mandate since it launched in 2015. The fund invests in high quality core and core+ assets. Previous acquisitions include prime retail, office and student housing in the UK, Germany and the Czech Republic.
Commenting LaSalle Investment Management fund manager Beverley Shadbolt said: “We are pleased to announce the acquisition of this excellent asset which is a strong addition to the fund, further supporting ERAFP’s and LaSalle’s commitment to sourcing assets with strong ESG credentials. Bright Offices will also further add geographic diversification to the fund and offer stable existing income and upside through leasing.”
LaSalle was advised by Savills, Houthoff Buruma (legal), interim bouwconsult (technical) and Deloitte (tax). The seller was advised by CBRE.
