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South Korean investors buy Amsterdam office redevelopment

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South Korean investors buy Amsterdam office redevelopment

South Korean investors Hana Alternative Asset Management Co. Ltd. and NH Investment & Securities Co. Ltd. purchased the Edge Amsterdam West property redevelopment in Amsterdam from Edge Technologies BV in a forward-funding deal for about €250 million, Property Magazine International reported, citing market information.

The main 47,700-square-meter office building is set to be completed in spring 2021, while the adjacent 5,500-square-meter building is expected to be completed by mid-2022, according to the report.

The location is nearly 80% leased, the report noted. Gas and transmission grid operator Alliander NV is its largest tenant, followed by APG Group and Intertrust (Netherlands) BV.

Warburg-HIH Invest Real Estate was commercial adviser to Hana Asset, while CMS Law was its legal adviser. CVO Group and KPMG Tax Advisory managed the technical and fiscal consultancy, respectively. Loyens & Loeff, CBRE and PwC assisted Edge, while AKD was its adviser on technological implementation.