Amundi Real Estate has completed the acquisition of the structure holding the property “The Atrium” on behalf of its managed funds for retail investors as well as several Korean investors represented by the fund management company Koramco Asset Management. As announced in April earlier this year, the office complex, acquired from Victory Advisors’ Icon Real Estate, is located in the South Axis business district in Amsterdam and offers around 60,000 m2 of office space.
“The Atrium” consists of a fully renovated pre-existing historical building constructed in 1976 and two new towers (the South Tower delivered in June 2017, and the North Tower delivered at the end of October) and a new underground parking facility. As per the sale agreement signed in April, the final closing of the transaction occurred after the North Tower had been completed.
Located in the heart of the city’s business district, this complex enjoys an ideal location and excellent access. Close to motorway and rail networks, the “Amsterdam Zuid” station will become a true hub for Amsterdam with the “Zuidasdok” infrastructure development project planned for 2019-2028 with direct connections to all public transport networks (train, metro, tram and bus). A direct access to public transport will be built directly in front of the main entrance of the South Tower from 2021.
The building has indisputable rental appeal, as demonstrated by the lease by international tenants who enjoy peripheral services such as a conference center, gym and several restaurants.
Pedro Antonio Arias, Director of Real and Alternative Assets at Amundi comments: “We have performed the most significant transaction on the Dutch market this year with the acquisition of « The Atrium ». The collaboration with Korean institutional investors confirms Amundi Real Estate’s capabilities in structuring and executing large-scale complex operations with recognized international players in the heart of Europe’s major urban centres”.
Amundi Real Estate was assisted by L’Etoile Properties during the acquisition process who has also been managing the building since final delivery. Amundi Real Estate was advised by Greenberg Traurig on legal issues as well as SGS Search for the technical aspects. The financing was secured upon closing by a bank consortium made up of Dutch and German lenders.
Source : Company