The Bouwinvest Dutch Institutional Office Fund has acquired the prestigious office building The Bell in Amsterdam from the Stichting Stadgenoot housing corporation.
The listed building at Sarphatistraat 370 in central Amsterdam was originally built in 1873.
The office building, which underwent a large-scale renovation between 2009 and 2012, now offers 6,948 square meters of Lettable Floor Area. The renovation also improved the building’s energy performance from an EPC G label to A+++, thanks to modern installations, including cooling via a thermal energy storage system.
Tenants include the Amsterdam University of Applied Sciences, real estate firm AHAM Vastgoed and also the Stadgenoot housing corporation. The innovative and flexible work spaces in the building are managed by Re:Invent.
The Bell in Amsterdam is excellent acquisition
Bas Jochims, Director Dutch Office & Hotel Investments, says, “The acquisition of The Bell in Amsterdam is an excellent addition to our Office Fund. The acquisition highlights Bouwinvest’s commitment to strengthening its real estate portfolio by adding top quality and sustainable assets.”
Egbert Dekker from the seller, the Stadgenoot housing corporation, is pleased with Bouwinvest as the new owner. “Bouwinvest is a highly reputable party and is known for managing the capital of various pension funds. Bouwinvest’s long-term investment vision is a perfect match for Stadgenoot’s own mission. This is to rent, maintain and add affordable, sustainable, high-quality homes in Amsterdam.”
The entire proceeds of this transaction will be used for the realisation of affordable housing in Amsterdam, continuing Stichting Stadgenoot’s mission. Bouwinvest is also committed to addressing the challenge of eliminating the Netherlands’ enormous housing shortage over the next decade.
The Office Fund invests primarily (at least 80%) in city centre areas in the four major cities in the Randstad urban conurbation. It believes offices in these cities offer the best chance of stable returns. This is because they maintain their value in the long term.
Bouwinvest was advised in the sale by Sweco Nederland (technical advice) and Dentons (legal advice). Stadgenoot was assisted in the sale by commercial advisers P. van den Bosch Bedrijfsmakelaars and Cushman & Wakefield, as well as technical advisers Hollis Global and law firm Baker McKenzie.
