Hines purchased an 18,000-square-meter office building in central Amsterdam from German fund manager Real IS for €118 million, PropertyE reported, citing market sources.
The Noortse Bosch property has five floors of office space with retail and parking on the ground level and marks Hines' first acquisition in the Netherlands since it opened an office there earlier in 2017.
The Netherlands financial services regulatory authority, AFM, is headquartered at the property and occupies approximately 12,500 square meters. Booking.com leases 5,000 square meters.
Total office investment volume in Amsterdam has surged in 2017, rising 80.8% year over year to €3 billion, PropertyEU said, quoting Reinier Wegman, head of sales at Savills Netherlands. The Noortse Bosch deal and other transactions could bring the year-over-year increase to 90%, Wegman added.
Savills and Loyens & Loeff advised Real IS, and Arcadis, Baker McKenzie, Dentons Boekel, DRS and PWC advised Hines.