The open public real estate fund “Swiss Life Living + Working” , established under German law, has made further investments. Purchase agreements have recently been signed for two buildings in the city centre of Amsterdam. The investment volume for both properties is around €15m. In doing so, the fund has acquired the portfolio’s first properties outside Germany.
Both properties are situated in the heart of Amsterdam’s old town on the Herengracht canal, which is a UNESCO World Heritage Site. The buildings are currently being used as offices. The main railway station, central Dam Square and a variety of museums are all in the vicinity. The nearby IJ vehicle tunnel offers quick access to the north of the city. The buildings at numbers 168 and 282 each offer 1,200 m² of rental space. The first property is leased for 20 years. There is a ten-year lease for the second property.
Kevin Julian Fuhr, Head of Portfolio Management and Public Funds Strategy says: “After the first purchase for the fund in Germany, we have expanded our investments into other European countries with the transactions in Amsterdam. In doing so, we are targeting our goal of diversifying the fund not only in terms of the types of use, but also in terms of geographical orientation. Further investments in Germany and Europe, as well as in different types of use, will follow in the near future.”
Walter Seul, Head of Fund Management says: “With both of these buildings, we could obtain properties in a first-class city-centre location, which will still be very sought-after, after the expiry of the long-term leases. Especially the option to later convert one of the building into a “residential” makes the investment even more attractive.”
