EDGE Amsterdam West sold to Korean company HAAM
EDGE Technologies, specialist in technologically innovative and sustainable office buildings, has sold the EDGE Amsterdam West building to Korean investment company Hana Alternative Asset Management (HAAM).
The building has a total floor area of 52,500 sq. m. and is let to Alliander, APG and Intertrust on a long-term basis. Currently, around 9,500 sq. m. of space is still available to let. Dating from the 1970s, this iconic property is now being transformed into a building that will serve as a global showcase for smart and healthy offices. It will be given a new domed roof in order to create a large atrium, providing a natural space at the heart of the building. As with all other EDGE buildings, intelligent technology will be applied to tailor the working environment to meet its users’ needs. The building is expected to be completed in 2021.
Energy positive
EDGE Amsterdam West is being designed by De Architecten Cie, the architects’ firm that designed the original building. As a result of this sustainability upgrade, the building will receive a BREEAM-NL Excellent certificate and will be completely energy positive.
Core products in short supply
“This is the first forward-funding purchase by a Korean player in Europe. The Korean investor is particularly looking for long-let core products, currently in short supply in the Amsterdam region. This is why there was immediate commitment from Korea for this transaction, even though the building will not be completed for two years.”
Advice
The buyer, Warburg HIH acting on behalf of Hana Alternative Asset Management, was advised by CMS (legal) and CVO (technical). Vendor EDGE Technologies was assisted by Loyens & Loeff (legal) PWC (tax issues) and CBRE (commercial, technical, due diligence).
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 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 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.