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Amundi in €400m Dutch investment record

The joint venture platform formed via the merger of the real estate businesses of French banks Credit Agricole and Societe Generale, has bought the Der Rotterdam building setting a single asset Dutch record.

Amundi, the joint venture platform formed via the merger of the real estate businesses of French banks Credit Agricole and Societe Generale, has acquired the 492-foot Der Rotterdam complex for a fee understood to be around the €400 million mark.

The Paris-based platform, which led a consortium of Korean investors, bought the multi-use building from Dutch property firm Rabo Real Estate. Real estate advisor Savills, who advised Utrecht-based Rabo on the deal, believes it is the largest transaction for a single asset in the Netherlands.

The building totals 1.7 million square feet, making it the largest building in the Netherlands. In addition to 240 apartments, the assets includes 807,000 square feet of office space, a 278-room hotel, conference spaces, retail units and car parking for 670 vehicles.

Der Rotterdam, which was completed in 2013, is almost fully let with an occupancy rate of 95 percent. The office element of the complex is leased to the City Council of Rotterdam on a long lease, which account for approximately 40 percent of the income.

Amundi has so far been unavailable for comment on the deal.

Clive Pritchard, head of Savills in Amsterdam, which advised on the sale, said Der Rotterdam attracted a “high level of interest” from investors seeking stable long-term income. He added that the sale to French and Korean investors showed the Netherlands was a “serious player” in the European property market.

Rabo was also advised by law firm Houthoff Buruma. Amundi and the Korean consortium were advised by Clifford Chance and L’Etoile Property Services.