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«Commerz Real signed the deed for the purchase of the "De West" project development in Amsterdam. Seller of the project was the prestigious Dutch project developer Fortress. Upon its completion in late 2008, the multi-functional office property will be added to the fund portfolio of the "Euro Property 1" institutional real estate fund. The transaction volume of the building with its gross lettable area of about 11,000 m² came to 37 million euros.
The entire eight-storey office building is clad with a façade of red brick and glass panes. Floor-to-ceiling windows accentuate the sophisticated look of the property. The variable floor-plan division into cell and combined office units expands the letting options and permits a wide variety of alternative use options. All parts of the building and the underground parking with its 160 spaces are accessed via the representative lobby. Fitted with a building control and monitoring system, district heating, and induction units, the property represents the state-of-the-art in technical building standards.
The property is located in the Teleport-Sloterdijk office district in Amsterdam, which is one of the city’s largest and most important office locations as it extends over a total area of about 700,000 m². Renowned key tenants who have located here include the revenue authorities, Dell Computers, and Deloitte. They all benefit from the very accessible location of the submarket as well as from the great connectivity to the public transportation networks. Amsterdam’s second largest train station is located in the district centre. The international airport Amsterdam Schiphol, which counts among Europe’s largest, is just a 15 minute drive away.
"The significance of Amsterdam as global trading and handling place encouraged us in our intention to expand our commitment here, at this European key location for international corporations. Especially because the market is characterised by stable rents with price increase potential, apart from everything else," says Hans-Joachim Kühl, the Commerz Real Board Member in charge of real estate acquisitions» (CS della Società).
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