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Press Releases 2021

Principal European Core Fund acquires forward funded Helix office building in Utrecht from area developer AM

2021, NEWS

Utrecht, 01 June 2021: Principal Real Estate Europe, on behalf of the Principal European Core Fund (PECF), has completed the acquisition of the 10,000 sqm Helix office building in Utrecht, which it forward funded in a €44 million development agreement with area developer AM in January 2020. This marks the completion of the transfer of the building from AM to PECF.

Located in the heart of the Utrecht Leidsche Rijn area, the Helix office building is the embodiment of AM’s strategy to carefully design and develop offices that meet key health and social criteria that are in such high demand from businesses and office workers in today’s changing work environment. The building has achieved a GPR sustainability score of eight and is registered for a WELL Building certificate, which is a new building classification focused on improving the health and well-being of the users of a building. GPR uses a calculation tool to provide insight into the sustainability of a building according to five themes: Energy, Environment, Health, User Quality and Future Value.

Comprising four floors and two indoor parking levels with space for approximately 150 cars, the building is already more than 90% let to several local and international businesses, including real estate adviser Cushman and Wakefield (which has signed a lease on the third floor for 2,150 sqm), the Office Operator, Dyade, Noordhoff publishers and IT software company 2AT. The popularity of Helix can be explained by the high demand for healthy urban living and working spaces, which is a main theme related to the development of offices by AM.

Helix was designed by Paul de Ruiter Architects to incorporate several striking features, including a large spiral staircase to stimulate interaction between employees, a transparent glass front, a patio, and two large atriums with glass roofs that allow natural light to penetrate deep into the building. BAM Bouw en Techniek built Helix and were an active partner in ensuring the building provides a healthy working environment, which led to it obtaining a good score for the WELL certification and a high GPR sustainability score.

Giles Smith, Head of Funds Management at Principal Real Estate Europe, said: “On completion, the Helix will be an attractive office building in a popular city location where there is a shortage of office space, making it ideally suited to our European core fund portfolio. The building provides high quality, flexible office accommodation that meets the changing nature of occupier demand and complements the Principal European Core Fund’s focus on sustainable real estate investment.”

Commenting on the acquisition, Tia Van Beek, Head of Netherlands at Principal Real Estate Europe, said: “Utrecht is a centrally located city in the Netherlands that, over recent years, has attracted a strong line up of international businesses with a young and vibrant workforce. The Helix building has been designed and built to attract and retain this highly educated and mobile demographic that tends to prioritise sustainability and well-being over more traditional considerations. The Helix office building therefore fits seamlessly into our ESG strategy.”

Raymon van Miltenburg, Member of the Board at AM, said: “With the transfer of Helix to Principal European Core Fund, we have reached another milestone in our pursuit of offices that respond to the demand of today and the future. Helix embodies this philosophy. It is more than just a building because it cares for the well-being and happiness of its users and is a place where people meet and develop to their full potential. The fact that this vision is fully embraced by the market gives us the confidence that we are on the right track. We warmly congratulate Principal Real Estate, BAM Bouw en Techniek and Paul de Ruiter Architects and wish all users an inspiring new working environment.”


Principal contact for further information:

  Phillip Nicolino


PR contact for further information:

James Verstringhe,

T +44 (0)20 79203150

Notes for editors:

Principal Real Estate Europe

Principal Real Estate Europe is part of Principal Financial Group’s dedicated real estate business, Principal Real Estate Investors, which manages or sub-advises $90.3 billion in real estate assets globally (as of March 31, 2021). The group’s real estate capabilities cover all four quadrants encompassing public and private, equity and debt investment solutions. In Europe, Principal Real Estate Europe operates from offices in London, Frankfurt, Amsterdam, Paris, Lisbon, Luxembourg, Madrid and Milan, employing more than 100 staff who manage real estate across all asset classes in nine different countries.

Principal Global Investors

Principal Global Investors® leads global asset management at Principal®. As a multi-boutique firm, we bring a focused perspective and offer expertise across a host of asset classes. At our core, we are driven by our purpose to help investors and businesses achieve their financial goals. Our global investment professionals deliver investment solutions for public and private pension funds, foundations and endowments, central banks, insurance companies, sub-advisory arrangements, sovereign wealth funds and individual portfolios. Principal Global Investors manages approximately $551 billion in assets on behalf of over 800 institutional clients located in over 68 markets as well as retirement plans and individual clients, reflecting our worldwide market reach and experience and our commitment to high-quality research and service (as of March 31, 2021).

To find out more, visit us at


Creating and developing inspiring and sustainable living environments, that is our passion. As a committed area developer, we place societal challenges at the heart of our development process. We focus on the themes daring sustainability, inclusive city, healthy urban living and working, city and area maker and happy living. In collaboration with governments, real estate investors, housing corporations, social organizations, residents and other real estate users, this creates special and high-quality areas in which to live, work, shop and relax. AM, part of Royal BAM Group, thus ensures quality of space and quality of life. See also

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