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Patrizia sells office building in Amsterdam for €20.35 million to Trinity

Patrizia announces the sale of an office property in Amsterdam, The Netherlands, for € 20.35 million on behalf of its subsidiary, PATRIZIA Frankfurt Kapitalverwaltungsgesellschaft mbH. The asset has been sold to Trinity Vastgoed VI, which is managed by Attestor Capital LLP.

Aqua Plaza, located in south east Amsterdam, has been managed by Patrizia since its construction in 2003 and has a gross lettable area of nearly 8,100 sq m with 98 parking spaces. The building is 80% let to Bugaboo International B.V. for its global headquarters.  

Emile Poort, Head of Transactions Management Benelux at Patrizia, commented: “This disposal is in line with our strategy of focusing on inner city locations and core CBD’s. Amsterdam Zuidoost, where Aqua Plaza is located, is currently undergoing an exciting transformation to include a mixture of residential, leisure and office space, which is in line with the latest urban trends across other major European cities. Rents in the region are at all-time highs, whilst vacancy rates are at record lows, which has enabled us to deliver attractive returns to our investors with the sale of this asset.” 

Hugo van Woerden, Managing Director of Asset Manager DutchRE, commented: “We are extremely happy with the acquisition of this project which is located directly adjacent to other properties which were recently acquired by Trinity in the South-East South office district directly across the AMC hospital. With the latest addition another important step is taken in realizing the AHTC Campus scheme. Upon completion the Campus, which will house companies in the life science and health tech sectors, will comprise of 100.000 sqm LFA in 8 buildings”.  

Patrizia was advised by Colliers International and CMS Law. Trinity Vastgoed VI was advised by DutchRE and Allen & Overy.