The acquisition is fully in line with Cityhold Office Partnerships’s strategy of acquiring buildings in prime locations, with an opportunity to add value through refurbishment or development. This is our third acquisition in Amsterdam over the last two years as we seek to capitalise on strong market fundamentals – driven by tight supply, strong occupier demand and an increasingly global investor base.
Prinses Irenestraat 59, an office builing located on the Zuidas of Amsterdam’s Central Business District, within close proximity to Amsterdam Zuid rail station, was acquired by Nuveen Real Estate on behalf of their Cityhold Office Partnership. The office property, comprising of a total area of approximately 14,000 sq m (c. 150,700 sq ft) is one of the last potential redevelopment sites on the Zuidas, Amsterdam. The asset was constructed in the early 1970s and now presents a value-add opportunity in an excellent location.