CoStar UK – 90 North and Arzan Wealth buy Siemens Amsterdam HQ financed by ING

In the media

90 North Real Estate Partners and its investment partner Arzan Wealth (DIFC) Limited have completed the €27m acquisition of a newly-built divisional headquarters office for Siemens in Zoeterwoude, near Amsterdam, from Dutch construction company Volker Wessels.

The office building sale at €27m reflects a net initial yield of approximately 7.2% and was financed by a three-year loan with two one-year extension options from ING Bank.

Arzan Wealth is a Dubai-based advisory firm regulated by the Dubai Financial Services Authority acted as the strategic advisor on the structuring and acquisition of the Property.

This deal marks 90 North Real Estate Partners’ third in Europe and its 17th in three years, over which period the investment manager has deployed more than £600m in the last three years.

The property is fully let to Siemens Netherlands N.V., a subsidiary of Siemens AG, for a remaining term over 11 years and occupied by their subsidiary NEM Energy B.V., a leading global engineering company in the field of steam generating equipment.

It comprises 9,366 sq m of office accommodation over 8 floors with 252 car park spaces and has a BREEAM (A) energy rating.

The property was developed and sold by VolkerWessels, a major European construction company with a Dutch-based headquarters. AC Niellsen Ltd and De Morgan & Co together with DLA Piper represented the purchaser in this transaction and Van Gool Elburg Real Estate consultants represented the vendor.

Cherine Aboulzelof, partner and head of Continental Europe said: “We are delighted as 90 North continues to grow its portfolio in Continental Europe after last year in Germany and Norway, with its first acquisition in the Netherlands.

“This transaction highlights the commitment to invest in modern and well-let assets to strong covenants, such as the Siemens / NEM Energy asset which was a built-to-suit office property in a location where NEM has operated historically for over 80 years.”

Nick Judd, founder and head of investment at 90 North, said: “This is another fantastic acquisition for 90 North, our third in Europe, and one in which we are pleased to be partnering once again with Arzan Wealth. This takes recent transactions we have advised on in Europe to circa €125m and €850m (£610m) across the geographic spectrum.”

Article from CoStar UK