AMSTERDAM, 26 February 2020 – Breevast and HighBrook Investors have closed the sale of the office building on Prinses Irenestraat 59 in Amsterdam to international real estate investor Nuveen Real Estate.
The building, strategically located on the Zuidas on the corner of the Prinses Irenestraat and the Parnassusweg, originates from the ’70s and offers plenty of possibilities for renovation and revitalization. Amounting to over 14.000 square meters GFA (12.500 square meters NFA) as well as the adjoining parking area, this asset located on a ground lease from the municipality of Amsterdam contains one of the final objects with renovation potential in the heart of the Zuidas.
Sellers Breevast and HighBrook acquired the asset in April 2018 in a joint venture structure, in which each of them held 50% of the shares. In addition, Breevast was the asset manager of the property. The sale concerned a transaction in which the shares of the joint venture vehicle were transferred to Nuveen.