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First Sponsor unit to buy Dutch office asset for €55.5M

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First Sponsor unit to buy Dutch office asset for €55.5M

A wholly owned subsidiary of First Sponsor Group Ltd. is acquiring the majority apartment rights of the Meerparc mixed-use office building in Amsterdam for a total consideration of €55.5 million, including costs.

The five-story, strata-titled Meerparc is in Amsterdam's main central business district and houses DLA Piper Nederland B.V. as its anchor tenant. The deal involves approximately 12,200 square meters of office area, 4,618 square meters of retail space and 218 car park spaces. The asset's remaining 772 square meters of retail area and 15 car park lots are owned by third parties, according to a release.

The property is at 73% occupancy and has a weighted average lease term of 5.0 years.

The Singapore-listed First Sponsor is an associate of Millennium & Copthorne Hotels Plc.