Amundi Real Estate, the Paris-based property arm of alternative investor Amundi, has purchased one of Amsterdam’s biggest office complexes, the Atrium, for a figure understood to be in the region of €500 million.
While no official price has been officially disclosed, a number of Dutch real estate websites have reported the price, the same figure widely reported in December when the asset was first put up for sale.
The price beats the previous record for a single Dutch real estate asset, which was also set by Amundi. The firm acquired the Der Rotterdam office building, in Rotterdam, for €400 million in September from Dutch property company Rabo Real Estate on behalf of a consortium of Korean investors.
The Atrium is located in the heart of the Dutch capital’s financial district. It was acquired from a fund managed by Icon Real Estate, a subsidiary of London-based investment and advisory firm Victory Advisors. Victory bought the office building during the financial crisis when, it said, investors had lost confidence in the Dutch market, before completing a full renovation.
The asset, which is widely-regarded as the best known office complex in the Netherlands, now offers 610,000 square feet of prime office space as well as restaurants, a conference center and a gym. Tenants include law firms, Hogan Lovells and CMS, Celanese and Vistra.
Office vacancy in Amsterdam has decreased 16 percent to 10 percent over last two years, according to data from CBRE, resulting in more than 5 million square feet of office space being successfully leased since 2015. While in the South Axis district of Amsterdam, where the Atrium lies, vacancy rates are almost at zero.
Amundi has yet to comment on the transaction, but Erik Moresco, founding partner at Victory Advisors, said his firm had a strong track record of taking “under-invested but fundamentally sound assets” and transforming them into super-prime assets.
“This active approach has been ably demonstrated at the Atrium building, which had a multitude of issues at acquisition and now entirely validates the icon real estate approach. In the face of the overwhelming obstacles, it has above all been our conviction that has helped create this fantastic building,” added Moresco.
Victory Advisors was advised by CBRE, Rutgers & Posch, Rechtstaete, Freshfields and Heren2 on the sale, while Amundi was instructed by Greenberg Traurig, Cushman & Wakefield.
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