Commerz Real has agreed to buy a development project, entitled De West, in Amsterdam.
Commerz Real has bought the 11,000 m2 office scheme from Dutch developer Fortress for €37m. The eight-story building is located in the Teleport-Sloterdijk area and is expected to complete later this year.
Commerz Real will put the asset in its Euro Property 1 institutional fund.
“The significance of Amsterdam as global trading and handling place encouraged us in our intention to expand our commitment here, at this key location for international corporations,” said Hans-Joachim Kühl, board member of Commerz Real.
“The market is characterised by stable rents with price increase potential.”
