AEW, on behalf of AEW Europe Value Investors II (EVI II) announces the acquisition of two assets located in Rotterdam, the Netherlands, from HighBrook Investors with a total GLA of over 27,000 sqm. This is the third investment for the EVI II Fund, following recent acquisitions in Munich and Madrid, bringing the total portfolio value close to €200m.
Boompjes 258 is situated on the banks of the River Nieuwe Maas and has panoramic views over the city. The asset underwent renovation in 2018 and comprises over 16,000 sqm of grade A lettable space over 22 floors.
The second property, Vasteland 10-40, is a mixed-used asset which is located 500m away from Boompjes 258, adjacent to the Vasteland tram station. It comprises almost 4,000 sqm of retail space on the ground and first floors, and over 6,000 sqm of office space on the upper six floors. The building was refurbished in 2017 and is multi-let to 14 tenants. Both assets hold Grade A energy labels.
The centre of Rotterdam benefits from excellent transport links, and both properties are close to the metro, tram and water taxi service. Rotterdam has experienced a significant reduction in vacancy levels, which have more than halved over the recent years due to a trend towards residential conversions, and prime rents are expected to grow by circa 10% over the next three years.
Source : Company