MediaStay updated with Principal Real Estate Europe’s news and views.
Press Releases 2018
INTERNOS Global Investors acquires core Dutch office for ICE Office+ Fund
INTERNOS Global Investors has acquired Wilhelmina Tower, a landmark office building in Rotterdam, from PPF Real Estate for €46 million. The core office asset was purchased for the ICE Office+ Fund.
‘Wilhelmina Tower’ is a prominent building with a total lettable area of 15,485 sq m. Built in 1997, it is located at Wilhelminaplein 1-40 in the Kop van Zuid business district, one of the most sought-after residential and office areas in Rotterdam. The building’s occupiers benefit from excellent public and private transportation links, with tram and metro stations located adjacent to the building.
ICE Office+ is a balanced, geographically diversified office property fund with long-term value stability. The focus of the investment strategy is on first-class European properties in excellent locations. The target volume of the fund is €600 million across approximately 20 assets. Including the latest acquisition, €210 million is invested in eight properties (Amsterdam, Lisbon, Milan, Paris, Rotterdam and Toulouse).
Sebastian Lietsch, fund manager of the ICE Office+, commented: “The combination of high demand for this type of office space in Rotterdam and lack of supply means there is the potential for future rental growth, which will convert to long-term stable income for investors in the fund.
“We have a strong pipeline of assets for the fund and are currently working on two further acquisitions with a total volume of €92 million, also located in major European cities”.
Tia van Beek, head transactions for INTERNOS in the Netherlands, said: “We are currently seeing strong momentum in the Dutch office market created by a weight of foreign capital looking for opportunities not only in Amsterdam but also in the other major cities like Rotterdam. Wilhelmina Tower is an excellent example of this”.
Paul Muno, head of capital relations at INTERNOS, added: “The acquisition of this landmark property not only reflects the desired geographic diversification of the fund, but also shows that our local teams can identify and successfully acquire investment properties for our investors, even in highly competitive markets”.
Menno Verhoeff portfolio manager at PPF Real Estate, commented: “Given the recent resurgence in the Dutch office market, we believe the timing was right for us to crystallise the upside from this asset on behalf of our shareholders”.
In November 2017, it was announced that Principal Global Investors, the asset management arm of Principal Financial Group, would acquire the INTERNOS Global Investors Group. On completion, the combined group will have real assets under management of $79.2 billion and be one of the top 10 global real estate managers.
Atlas Tax advisors supported INTERNOS on the tax aspects of the transaction and legal advice was provided by Solve Samen and Schut van der Ven notary. Royal HaskoningDHV was responsible for technical due diligence.
NL Real estate advised PPF Real estate.
For further information, please contact:
T +44 020 7920 3150
About INTERNOS Global Investors (www.internosglobal.com)
INTERNOS Global Investors (INTERNOS) is a pan-European fund and asset management platform, specialising in real estate. The company develops strategic investment and management solutions for institutional investors in all property asset classes across Europe. Principal Global Investors (PGI), which leads global asset management at Principal®, and INTERNOS announced in November 2017 that PGI will acquire INTERNOS, with completion subject to regulatory approvals. As part of PGI’s multi-boutique operating model, INTERNOS will retain its investment and management independence, while gaining access to the resources and scale of a major financial institution. Principal® is one of the largest investment managers in the world with $655.5 billion* in assets under management, of which $74.9 billion* is invested in real estate through either debt or equity (www.principalglobal.com).
* As at September 30, 2017
About PPF Real Estate
PPF Real Estate is part of PPF Group. It manages assets of 2.0 billion EUR in the real estate markets in Europe and Russia; its mission is to create value by investing in and managing properties, and looking for new investment opportunities in the real estate sector. The company currently has more than 25 projects in its portfolio.