New Star Asset Management’s Global Property Fund has bought two properties in the Netherlands for €150m (£100m) at a gross initial yield of 6.24%
Queens Towers comprises 300,850 sq ft (27,951 sq m) of office space in three towers and is located between Amsterdam city centre and Schiphol International Airport. It is fully let to Dutch government organisation UWV and accountants Mazars Paardekooper Hoffman on leases ranging from nine years to 14 years.
De Parade comprises 170,930 sq ft (15,880 sq m) office space in four interconnecting buildings. It is located in Amstelveen, a suburb of Amsterdam and is entirely let to ABN AMRO Bank until 2011.
Hypo Real Estate Bank International provided €115m (£77m) of funding in the Amsterdam deal. CB Richard Ellis acted as adviser and will carry out the property management for the fund.
The Global Property Fund has also bought a vacant office building in Munich for €25.5m (£17m). It has bought the 122,235 sq ft (11,356 sq m) building, Das Spitz on Radlkofferstrasse 2, from Redevco Services Deutschland. The building is situated on the former site of the Munich Trade Fair.
Robin Carr, European property acquisitions manager at New Star says:
‘This is a strong acquisition with potential for capitalising on a recovering market. Das Spitz is one of a very few quality buildings with available space in this type of location in Munich.’
Hypo Real Estate Bank International provided the funding for the deal. CB Richard Ellis advised on the transaction.