Cording Real Estate Group has purchased an office building at Keizersgracht 22 for its Benelux Commercial Real Estate Fund (BCREF). The selling party is a group of private investors.
Cording, a European real estate investment company with a focus on Germany, Great Britain, and the Benelux, will also be responsible for the investment and asset management of the real estate.
The office building is situated at Keizersgracht 22 and houses the headquarters of Dutch fashion label Scotch & Soda. The premises contains around 1,650 m2 of office space which has been entirely leased to the company. The object originates from 1837 and was used as a church until 1928. As the building was originally used as a church, it offers a unique working environment with large, open office floors.
The open special AIF Benelux Commercial Real Estate Fund was established in December 2016 and invests in offices and retail properties in the Netherlands, Belgium, and Luxembourg. The focus lies on objects with diversified cash flows at prime locations in economically strong cities. The gross target volume of the fund is 400 million Euros.
René de Heus, Investment Director Benelux at Cording: ‘We managed to purchase seven real estate objects in a short period of time. The purchase of this architecturally very iconic office building demonstrates the success of our local acquisition team in a highly competitive market. For 2018, we again aim for an investment volume of 150 million Euros’.
Stevens van Dijck acted as technical advisor and Van Doorne acted as legal advisor for the buyer. P. van den Bosch Commercial real estate agent acted as the commercial advisor for the buyer.