Cordea Savills has bought an office property in the Netherlands and a retail property in Germany for a private investor fund
The fund management arm of Savills bought the Gateway Centre office complex in Amstelveen – its second deal in the Netherlands – from Commerz Grundbesitz Group for €46m (£30m) at a gross initial yield of 7%. The 172,220 sq ft (16,000 sq m) property is close to Schiphol Airport and fully let to Fortis Bank until 2011.
It has also bought the Weka Karree retail property in Gelsenkirchen, Germany for €40m (£26m) at an initial yield of 7.3%. The property, which is 40km from Düsseldorf is let to retailers such as H&M, Drogeriemarkt Müller, Mayersche Buchhandlung and Foot Locker.
The Europa immobiliare No 1 fund has more than €400m (£263m) of assets in the UK, Italy, Germany, Sweden and the Netherlands.
Van Gool Elburg advised Commerz Grundbesitz Group. Kemper’s advised Cordea Savills on the German deal.