Hannover Leasing has acquired the office complex “Piet Hein Buildings“ in Amsterdam in an institutional club deal. The investors are the Finnish mutual pension insurance company Ilmarinen, which is also already invested in the ‘Covent Garden’ building in Brussels, together with a French insurance company. The seller is a Dutch private investor.
The acquisition has been structured as a joint venture between both investors. Upon completion, Hannover Leasing will take over the asset management of the property. "With this club deal we continue our strategy in the institutional sector“, says Michael Ruhl, managing director of Hannover Leasing.
The “Piet Hein Buildings“ are a building complex completed in 2013 and located in the redeveloped former port area of Amsterdam. The complex includes approximately 32,000m² of lettable area in three interconnected buildings, each of which offers a dedicated entrance. The property further includes 366 underground parking spaces and a separate bus garage serving an adjacent cruise ship terminal. The buildings offer state-of-the-art features including raised floors, motion-controlled lighting, and geothermal heating and cooling, which results in an A++energy certificate. The floor plates are highly flexible and allow for a wide variety of layout options for the office areas. The “Piet Hein Buildings” are one of the few modern properties in central Amsterdam that can offer grade-A office space of up to 4.700m² on a single floor.
The “Piet Hein Buildings” are fully let. Main tenant is the online travel platform Booking.com. The company has over 150 offices in 60 countries, with its global headquarters located in Amsterdam. Other tenants include Teva Pharma, a subsidiary of Teva Pharmaceuticals Ltd., one of the ten leading pharmaceutical companies worldwide, and the global management consulting firm Hay Group. "The very good location in combination with the high quality of the buildings and the balanced tenant mix make this an attractive asset for investors with a long-term investment horizon,” comments Michael Ruhl.
