Sold "Wilhelmina Tower" in Rotterdam on behalf of PPF Real Estate.
Principal Real Estate Europe* (PREE), has acquired Wilhelmina Tower in Rotterdam from PPF Real Estate for €46 million. The core office building was purchased for the Principal European Office Fund**.
‘Wilhelmina Tower’ is a prominent building with a total lettable area of 15,485 sq m, including 185 parking spaces. Located in the Kop van Zuid business district, one of the most sought-after residential and office districts in Rotterdam, the building benefits from excellent public and private transportation links, with tram and metro stations located directly in front of the building.
NL real estate - Knight Frank advised vendor PPF Real estate during the entire commercial process.
Sebastian Lietsch, fund manager of the Principal European Office Fund, commented: “The combination of high demand for this type of office space in Rotterdam and lack of supply means there is the potential for future rental growth, which will convert to long-term stable income for investors in the fund.
Tia van Beek, head transactions The Netherlands: “We are currently seeing strong momentum in the Dutch office market created by a weight of foreign capital looking for opportunities not only in Amsterdam but also in the other major cities like Rotterdam. Wilhelmina Tower is an excellent example of this.”
*Principal Real Estate Europe was formerly known as Internos Global Investors.
**Principal European Office Fund was formerly known as ICE Office+
PPF Real Estate, commented: “Given the recent resurgence in the Dutch office market, we believe the timing was right for us to crystallise the upside from this asset on behalf of our shareholders.”