A consortium led by White Estate Investments has bought an office leased to the Dutch tax authorities in Amsterdam for €86.5m (£82.2m) from Eurocommercial Properties.
The purchase by White Estates is the latest in a bullish year for the Dutch investor, which in May spent €650m (£618m) on a large office and industrial portfolio sold by fellow Dutch company Corio.
The deal reflected a yield of 7.1%.
The 430,000 sq ft office building, at Kingsfordweg 1 in the Sloterdijk district of Amsterdam, is let to the Dutch Tax Department until July 2014.
The sale marks Eurocommercial’s exit form the office sector enabling the company to focus on its retail portfolio. The company owns 31 shopping centres in Holland as well as other retail properties in France, northern Italy and Sweden. The sale will also help the company reduce its debt.
It was welcomed by investment bank JP Morgan. Analyst Harm Meijer said today: ‘We believe this is a very positive transaction for Eurocommercial Properties, as this removes any doubt about a future loan covenant breach and is in line with its book value.’
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