AG AFP sold Y-point to Real I.S.
Real I.S. Group has acquired the Amsterdam Y-Point building from a joint venture between APF International and Angelo Gordon. Y-point is a single tenant office building and fully let to Belgian workspace provider Fosbury and Sons, who will take over the space in September 2019. The building of approx. 7,000 sq. m. lettable floor space is located on the Van Diemenstraat 206-380 in the Old Houthavens in Amsterdam.
Y-Point was built in 1913 and will be redesigned by the Spanish architectural studio Cruz y Ortiz, also known from the Rijksmuseum. The building is completely being renovated to provide high-quality office space. After the renovation, Y-Point will be characterised by optimal conditions for light, ventilation, acoustics, visibility and flexible use. There will be more unity in the complex as a whole and more individual recognisability. Fosbury and Sons is set to start using the space after their fit out works in 2020. The agreed final purchase price after renovation will be around 50M€.
“The Dutch real estate market and especially the office market in Amsterdam is very attractive. Real I.S. invests in markets with a positive growth history, and the prospects in Amsterdam are good, explains Axel Schulz, Global Head of Investment Management at Real I.S. AG. “Y-Point is well connected and offers the possibility of dividing up the office space in multitenant use if necessary. As a core property, it fits in well with our investment strategy.”
APF/ Angelo Gordon were advised by CBRE (commercially), Osborn Clarke (legally) and Structure Development (technically). Real I.S. was advised by Van Dijk en Ten Cate (commercially), Loyens & Loeff (legally) and Savills (technically).
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 services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.