TH Real Estate has acquired ‘The Warehouse’, a prime office asset located in the heart of Amsterdam’s city centre, from a joint venture between Angelo Gordon and APF International for c.€50m, on an off-market basis. With a full refurbishment completed in July 2017 with Peak development as the delegated developer, the five-story property offers a rentable floor area of 68,071ft² (6,324m²). It is fully let to Oracle Nederland BV.
The Warehouse is located in an increasingly popular location amongst occupiers. It is situated 1km from Amsterdam Central Station and less than 25 minutes from the airport via car and public transport. Rated BREEAM ‘very good’, it includes 41 outside car parking spaces in addition to 274 cycle spaces.
The asset was acquired on behalf of TH Real Estate’s European Cities Fund. The Fund targets income-producing properties in ‘future-proof’ cities across Europe.
Liz Sworn, Co-Fund Manager of the European Cities Fund at TH Real Estate, comments: “Amsterdam is a millennial magnet as one of the youngest cities in Europe with an old-age dependency ratio of just 20%. Its population is expected to swell by 163,000 over the 15 years to 2030. During this period, the number of people under the age of 40 is projected to rise by over 66,000. The city centre district is becoming a ‘go-to’ destination for many businesses, particularly those looking to attract a young and international workforce. Amsterdam is one of the more liquid of the non-gateway office centres and benefits from relatively low volatility. The city offers good performance diversification with London, Paris and Berlin which should prove beneficial as the Fund expands its office portfolio in the future. Furthermore, offices located in Amsterdam’s city centre district typically range from 1,000-2,500m², making The Warehouse’s large size unique at over 6,000m².”
TH Real Estate was advised by Knight Frank/NL Real Estate and Loyens & Loeff. NL Real Estate has been appointed as the asset manager. Cushman & Wakefield and Osborne Clarke represented Angelo Gordon and APF International.
The acquisition of ‘The Warehouse’ follows the recent announcement from TH Real Estate of the additional €422m raised for the Fund, from five international investors. Comprising investors from Germany, Austria, The Netherlands, Italy, Ireland, the US and Australia, the Fund has raised c.€1bn in equity to date.
