Amsterdam
CBRE Global Investors Acquires Iconic Office Building "Herenstaete" in Amsterdam from Angelo Gordon and APF International
30 Mar 2020
CBRE Global Investors has acquired Herenstaete, Amsterdam from a joint venture between Angelo Gordon and APF International. The c. 6,000 sqm building is located on the Herengracht 206-216 and is part of the UNESCO World Heritage Site.
Herenstaete, located in the historic centre of Amsterdam, is a national monument and dates back to 1616. Currently the building is under-going a complete renovation designed by Cruz y Ortiz, who also renovated the Rijksmuseum in Amsterdam. The monumental features and spaces of the iconic building are being preserved, whilst creating a modern, high-quality and sustainable office space, including a large atrium. Delivery is expected in the first quarter of 2022 and leasing activities will begin shortly.
Wiggert Karreman, APF International: “We are delighted to contribute to the preservation of this national monument. At the time of acquisition, the building was 10% leased and very outdated. Once delivered this building will be a high-quality national monument with full climate control. This property and location have proven their value since 1616 and will continue to do so.”
Owen Clayton, Transactions Manager Netherlands, CBRE Global Investors said: “This building meets the fund’s strategy of acquiring office buildings in ‘Winning Cities” at proven locations. It brings to the market a very high-quality office space in a monumental building at one of the best locations in Amsterdam.”
Vendors Angelo Gordon and APF International were advised by CBRE in this transaction.
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About CBRE Global Investors
CBRE Global Investors is a global real assets investment management firm with $112.9 billion in assets under management* as of December 31, 2019. 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:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2019 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 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 assets-related investments 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 assets; equity in funds and joint ventures; securities portfolios; operating companies and real asset-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real asset market, and its calculation of AUM may differ from the calculations of other asset managers.
About APF International
APF International is a management owned independent manager of real estate funds and investments. APF currently has over EUR 1.4 billion worth of real estate in its portfolio. www.apf-international.nl, via LinkedIn: https://nl.linkedin.com/company/apf-international.
About Angelo Gordon
Angelo Gordon is a global leading, privately held alternative investment firm, managing approximately $38 billion across a broad range of credit and real estate strategies. The firm has been an active real estate investor for over 25 years and has been active across Europe for over 10 years. www.angelogordon.com
About CBRE
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate consulting and investment firm (in terms of revenue in 2019). The organization has more than 100,000 employees (excluding branch offices) and advises owners, investors and real estate users from more than 530 offices (excluding branch offices) worldwide. CBRE provides strategic advice and guidance on the purchase and sale and rental of real estate, corporate services, property, facility and project management, valuations, (re)development, investment management and research & consulting. Visit our websites www.cbre.nl and www.cbre.com.
Herenstaete, located in the historic centre of Amsterdam, is a national monument and dates back to 1616. Currently the building is under-going a complete renovation designed by Cruz y Ortiz, who also renovated the Rijksmuseum in Amsterdam. The monumental features and spaces of the iconic building are being preserved, whilst creating a modern, high-quality and sustainable office space, including a large atrium. Delivery is expected in the first quarter of 2022 and leasing activities will begin shortly.
Wiggert Karreman, APF International: “We are delighted to contribute to the preservation of this national monument. At the time of acquisition, the building was 10% leased and very outdated. Once delivered this building will be a high-quality national monument with full climate control. This property and location have proven their value since 1616 and will continue to do so.”
Owen Clayton, Transactions Manager Netherlands, CBRE Global Investors said: “This building meets the fund’s strategy of acquiring office buildings in ‘Winning Cities” at proven locations. It brings to the market a very high-quality office space in a monumental building at one of the best locations in Amsterdam.”
Vendors Angelo Gordon and APF International were advised by CBRE in this transaction.
– END –
About CBRE Global Investors
CBRE Global Investors is a global real assets investment management firm with $112.9 billion in assets under management* as of December 31, 2019. 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:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2019 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 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 assets-related investments 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 assets; equity in funds and joint ventures; securities portfolios; operating companies and real asset-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real asset market, and its calculation of AUM may differ from the calculations of other asset managers.
About APF International
APF International is a management owned independent manager of real estate funds and investments. APF currently has over EUR 1.4 billion worth of real estate in its portfolio. www.apf-international.nl, via LinkedIn: https://nl.linkedin.com/company/apf-international.
About Angelo Gordon
Angelo Gordon is a global leading, privately held alternative investment firm, managing approximately $38 billion across a broad range of credit and real estate strategies. The firm has been an active real estate investor for over 25 years and has been active across Europe for over 10 years. www.angelogordon.com
About CBRE
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate consulting and investment firm (in terms of revenue in 2019). The organization has more than 100,000 employees (excluding branch offices) and advises owners, investors and real estate users from more than 530 offices (excluding branch offices) worldwide. CBRE provides strategic advice and guidance on the purchase and sale and rental of real estate, corporate services, property, facility and project management, valuations, (re)development, investment management and research & consulting. Visit our websites www.cbre.nl and www.cbre.com.