ILMARINEN INVESTS IN OFFICE PROPERTY IN AMSTERDAM
Ilmarinen has expanded its real estate investments to the Netherlands by acquiring a 50-percent stake in Piet Hein Buildings, an office complex located in the heart of Amsterdam. The acquisition is part of Ilmarinen’s strategy towards improved international diversification of its real estate portfolio.
– The Dutch real estate market has recovered from the distress it found itself in after the financial crisis, and Amsterdam currently offers attractive return levels compared to many other European capital cities. The Netherlands is well-suited to Ilmarinen as an investment location due to its international, liquid and transparent nature, says Mikko Antila, Ilmarinen's Portfolio Manager in charge of international real estate investments.
The Piet Hein Buildings property is situated in Amsterdam's fully-developed old port area, close to the city centre, within a 10-minute walk from Amsterdam Central Station. Completed in 2013, the complex has a total of 32,000 m2 of office space, which has been let in its entirety. The largest tenants are Booking.com and TEVA Pharmaceuticals, both representing excellent credit quality.
– The property is in mint condition and it has been built with quality and sustainability in mind. The premises are easily adaptable, and the property features modern, environmentally friendly solutions, such as geothermal energy, which is used for both heating and cooling, says Antila.
The other co-owner of the property is a French institutional investor with whom Ilmarinen has previously made a number of joint investments. Ilmarinen's partner in the acquisition and management of the property is the German investment management specialist Hannover Leasing Investment GmbH, with whom Ilmarinen also collaborates on the management of the Covent Garden office property leased by the European Commission in Brussels.
In recent years, Ilmarinen has increased the number of international real estate investments in its portfolio. Through the portfolio diversification, it aims at improving the return on and the security of its investments. In addition to Finland, Ilmarinen has previous direct real estate investments in Germany, Belgium and the United States, among other countries.
For further information, please contact: Mikko Antila, Portfolio Manager, tel. +358 050 5779066