05 October 2017
Reporter: Theo Andrew

Commerz sells another Dutch office for €51.6 million

Commerz Real has sold Arena Toren B, an office asset in Amsterdam, to an institutional investor, for €51.6 million.

The 19,679-square metre, 19-storey property, owned by Commerz since 2002, was recently valued at €49.3 million.

It is located in the Amsterdam-Zuidoost district and is currently let to ING Bank.

This is the firm’s third disposal in the Netherlands in recent months, following the sale of TenThirty in Amstelveen and, in June, the sale of Blaak 31 in Rotterdam to an institutional investor for €75.6 million.

Mario Schüttauf, fund manager for hausInvest, said: “During the entire period the fund has held the property, it has been possible to attain very good results.”

CBRE and PwC advised Commerz Real on the deal.

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