Institutional real estate manager Bouwinvest Real Estate Investment Management has purchased the Rotterdam World Trade Center and the Citroën buildings in Amsterdam.
The Rotterdam World Trade Center is a 398,000 sq ft of office and events building which also has a retail element.
The two Citroën buildings, totaling 270,000 sq ft, are located adjacent to Amsterdam’s 1928 Olympic Stadium.
The new owner plans to redevelop them for multifunctional office, restaurant and retail space. Construction is slated to start after July 2016 to avoid a disruption of the European Athletics Championships, which will be held in the Olympic Stadium.
The project will be conducted in cooperation with the municipality of Amsterdam in order to preserve important architectural features. The buildings are scheduled to reopen in 2017.
Bouwinvest specialises in managing real estate portfolios for institutional investors. The firm has more than $7.6 billion worth of assets under management and its strategy is to diversify its portfolio across the major cities in the Netherlands. The Rotterdam and Amsterdam deals bring the firm’s recent investments in Dutch real estate to approximately $728.6 million and over $1.34 billion globally in 2014.
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