Large acquisition TMW on Zuidas

Assetmanager TMW, part of Prudential, has made a new acquisition in the Netherlands. TMW is said to be buying the Viñoly building, part of the large Mahler 4 project on the Amsterdam Zuidas, for approx. € 125 mln. The gross initial return on investment should somewhat below 7%.

Selling party is the cooperation VOF Mahler4, consisting of Fortis Vastgoed, ING Real Estate and G&S Vastgoed. The Viñoly building comprises 28,000 m² of which 10,000 m² have been rented to the legal firm Boekel De Nerée. For the remaining m² (16,000 m² offices and 2,000 m² commercial space), the selling parties have given TMW rental guarantees.

TMW mostly acts on behalf of German institutional investors, but since January 1st of this year it is also a part of the Prudential Financial Group and therefore related to the large British real estate asset manager Pricoa. In Europe the combination Pricoa/TMW is one of the largest asset managers in real estate. Earlier this year TMW also made a large acquisition in Rotterdam by buying the ‘Beursgallery’. In these acquisitions TMW has Kroese & Paternotte as its advisor. In the sale of Viñoly, Jospeh Elburg Makelaars acted as advisor on behalf of the selling parties VOF Mahler4.

The building of Mahler4, across from the ABN Amro headquarters on the Zuidas, is at full speed. The first phase of Mahler4, will have a mixture of functions, amongst others a maximum of 160,000 m² of office space. The buildings, which will be built in the first phase, are: a building of 35,000 m² office space and 3,000 m² of facilities designed by Toyo Ito, the building designed by Rafael Viñoly consisting of 35,000 m² of office space and 2,750 m² of facilities and the building by Schidmore Owings & Merrillwith 13,500 m² of office space. Rents in Mahler4 are between € 275,- and € 365,- p/m². The Ito building is an investment of CGI Hausinvest, the Viñoly building of TMW. Mahler4’s expected delivery is at the end of 2005.

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