German fund Commerz Grundbesitz Investmentgesellschaft has acquired two buildings in Amstelveen, bringing its Dutch investment tally over the past three months to almost NFl1bn.
In the largest real estate transaction seen in the country for 15 years, CGI paid more than NFl 600m for a mixed development in central Amstelveen and followed that with a NFl 300m-plus purchase of the landmark 50,000 m2 KPMG building nearby.
And CGI probably has more to spend in Holland, according to Lex Cramer of Van Gool & Partners. The Dutch associate of Knight Frank has advised the fund on the two most recent purchases, as well as previous acquisitions in Breda and the Hague.
Amstelveen, an affluent southern suburb of Amsterdam, was targeted because of the availability of freehold developments, in contrast with leasehold restrictions in central Amsterdam.
The mixed scheme contains 40,000 m2 of shopping, 13,000 m2 of offices and 112 apartments. It was sold by MAB Groep and a public authority, with plans to improve and extend facilities. “The existing shopping centre is to be renovated, and a new shopping centre will be built,” said Cramer. KPMG will remain tenants of the office building, which they owned in partnership with Amvest Vastgoed.
The Dutch purchases follow a recent acquisition in Scotland, where CGI paid £47.5m for 1, 2 and 3 Atlantic Quay in Glasgow. This office scheme was completed in 1991 and is 92% let. It currently produces £4.25m and gives CGI an initial net yield of more than 8%. DTZ represented CGI, with Knight Frank and Jones Lang Wootton representing the vendor, Glasgow & Oriental Developments.
