EGI – London’s 90 North and Dubai’s Audacia plough €100m into Dutch offices

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London-based 90 North Real Estate Partners and Dubai’s Audacia Capital have jointly acquired two offices in the Netherlands for €100m (£91.5m).

Both were acquired on a forward commitment basis. 90 North and Audacia exchanged at the end of 2017 but only just closed on the acquisition following development completion.

The properties, based in the town of Hoofddorp, south-west of Amsterdam, are fully let out on long-term leases.

One was designed for Asics’ EMEA headquarters and provides 125,000 sq ft and the other 90,000 sq ft office is Danone’s global headquarters of two of its divisions: specialised nutrition and cycles & procurement.

The buildings were designed by international architecture practice Powerhouse Company and developed by RED Company and were contracted by 90 North and Audacia pre-construction.

The offices include detachable glass-side pavilions, the highest green wall in Europe and indoor gyms. They have a strong focus on sustainability and health through green canopies, floor-to-ceiling glass panels, climate ceilings, storage of cold and heat, and solar panels on the roof.

Lisa Amin, head of Continental Europe at 90 North, said: “Our consistent focus, at a time of major disruption impacting on real estate, is to acquire properties that meet rapidly changing occupier requirements and anticipate likely future changes.”

It is 90 North’s 38th acquisition since the firm launched in 2011. It has invested around $2bn globally for investors and approximately €225m in the Netherlands.

Emad Mansour, founder and chief executive of Audacia, said: “These development financings and acquisitions herald a fresh foray for Audacia Capital into the international real estate investment market. We will continue to develop in this sector, always striving to select and ensure solid, quality returns working alongside trusted partners.”