AXA IM Alts has acquired a circa 25,000 sq m (circa 270,000 sq ft) office building in the centre of Rotterdam from ABN AMRO on behalf of clients, for an undisclosed price.
AXA and developer Provost will now commence a comprehensive redevelopment of the asset, which was originally constructed in two phases in the 1950s and 1990s. Much of the building’s structure will be retained as part of the redevelopment, which will create an additional 6,000 sq m (circa 64,500 sq ft) of lettable office space.
Building works will commence in Q3 next year and AXA IM Alts is targeting BREEAM Excellent, an A++++ energy label and WELL Platinum readiness. ABN AMRO has already agreed to re-lease around 3,000 sq m (circa 27,000 sq ft) of the building, which is located on Coolsingel, in the heart of Rotterdam’s central business district.
Marc Kramer, head of development Benelux, at AXA IM Alts, said: “Demand continues to rise for high-quality office space with market-leading sustainability credentials. In Rotterdam, the demand for this best-in-class space has been accelerated by the rapid growth of the city’s young professional population, which is increasingly attracting occupiers, particularly in the tech and financial services sectors, to workspace in Rotterdam’s CBD.
“This acquisition presents an attractive opportunity for AXA IM Alts to leverage its extensive refurbishment and development expertise to address the city’s acute undersupply of this Grade A office space, delivering a scheme with strong sustainability credentials in an exceptional inner-city location.”
