Real I.S. sells 'Noortse Bosch' office building in Amsterdam to Hines

22 December 2017

Real I.S. has sold the ‘Noortse Bosch’ prime office building in Amsterdam, the Netherlands, to Hines’ Pan European Core Fund (HECF) - representing Hines’ first acquisition in the Netherlands since opening an office in Amsterdam earlier this year. The sale comprises approximately 18,000 square meters of office space across five upper floors, with retail and parking amenities at ground level. 

City Center
The Noortse Bosch office building, located at Vijzelgracht 50, is one of the largest office buildings in central Amsterdam. Situated in a prime location in the city center adjacent to the new North-South metro line which is due to open in July 2018, the building enjoys excellent connectivity with local public transport.

Tenants
The building provides headquarter accommodation to AFM, the Netherlands financial services regulatory authority which occupies around 12,500 square meters. Booking.com, one of the largest online travel booking websites, occupies circa 5,000 square meters. Both tenants are committed to long-term lease contracts.

"The long-term leases with both main tenants reflects the high level of tenant satisfaction. Such large and flexible floors are rare in the city center of Amsterdam, especially in combination with an excellent parking ratio and accessibility with both car and public transport." Says Melanie Grüneke, Head of Country at Real I.S. AG Netherlands.

Commenting on the current investment climate, Reinier Wegman, Head of Sales at Savills Netherlands, said: "The Dutch investment market has seen another strong year, and the Amsterdam office market in particular is heading for a record year. The office investment volume in Amsterdam currently stands at € 3 billion, compared to a total of € 1.66 billion in 2016, an increase of 80,8%. Savills expects that with the sale of Noortse Bosch and other deals the total increase to could reach up to 90% before the end of the year. "

Lars Huber, CEO for Hines Europe, said:  “This year we have continued to execute our diversification strategy in Europe, both in terms of asset classes we are investing in, and the markets in which we operate.  We have been exploring opportunities in the Netherlands for some time and I’m pleased our first acquisition is such a significant one, and has been completed so soon after establishing our own presence.” 

Andy Smith, Managing Director at Hines Europe and country head for the Netherlands, said:  “This acquisition represents a real statement of intent of our commitment to establishing a strong presence in the Dutch market, where investment and occupier appetite continues to grow. The city center of Amsterdam, a UNESCO heritage site, represents a prime office location that has proved to be a resilient market with strong fundamentals. The asset itself is unique as it is only one of very few large, purpose built modern office buildings in the city center with excellent transport links, making this an attractive investment. We are confident of expanding our portfolio across a range of asset classes in the Netherlands over the course of 2018.”

Stakeholders

Savills and Loyens & Loeff advised Real I.S. during the sales process.

Hines was advised by Arcadis, Baker McKenzie, Dentons Boekel, DRS, and PWC.

 
 

General Enquiries

Savills Amsterdam

 

Key Contacts

Reinier Wegman

Reinier Wegman

Director, Head of Sales
Investments

Savills Amsterdam

+31 (0) 20 301 2089

 

Charlotte Harmsen

Charlotte Harmsen

Marketing & PR Officer

Savills Amsterdam

0031 (0) 20 301 2000