CBRE Global Investors, on behalf of the CBRE Dutch Residential Fund and one of its separate account clients, acquires 238 apartments, the commercial space and parking places in the garage of the building at the Boompjes 55-58 in Rotterdam.
The existing office building of approximately 12,000 sqm is located in a prominent place on the Maas river in Rotterdam and is being redeveloped into 344 apartments, commercial space for hospitality and/or other facilities of 1050 sqm and a parking garage with 210 parking places. First Sponsor Group Limited from Singapore and Provast are the developers’ op the project, OZ architects has created the design. The remaining 86 apartments will be sold separately by the developers and will be owner-occupied apartments. Construction will start in the first quarter of 2017.
A wide variety of apartments will be developed, meeting the requirements of a wide audience, offering modern, flexible townhouses. From the terraces, along the entire width of all apartments, there will be a spectacular view of the city and the Maas river. At the ground floor level of the building there will be various facilities such as a restaurant, also with an outside terrace.
Paul Oremus, Fund Manager CBRE Dutch Residential Fund, CBRE Global Investors: “ We are very pleased with the acquisition of this project in Rotterdam. For the CBRE Dutch Residential Fund we are actively seeking acquisitions both existing properties and new developments in the Randstad area. We want to optimize our portfolio and create an excellent return on investment for our investors.”
Jeroen de Grunt, Portfolio Director Separate Accounts Continental Europe, CBRE Global Investors: “Our client is very pleased with this co-investment alongside the knowledgeable residential fund team, and welcoming these types of opportunities to obtain high quality assets with stable income and good growth fundamentals, matching the investment strategy.”
– END –
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $88.6 billion in assets under management* as of June 30, 2016. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has more than 70,000 employees in more than 400 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.