Tuesday 04 October 2022

At €500m, the Atrium deal is biggest ever Dutch single property transaction

Artist’s impression: Atrium-Amsterdam.nl

Property group Icon Real Estate has sold the Atrium office complex in Amsterdam’s high-end Zuidas commercial centre to French property investor Amundi for a reported €500m.

This makes it the largest-ever office complex property transaction in the Netherlands, the Financieele Dagblad reported on Tuesday.

Last year, Amundi and several Korean investors bought the striking Rem Koolhaas-designed De Rotterdam office complex in Rotterdam for €350m, then the highest price paid for a single building in the Netherlands.

Icon Real Estate bought the 60,000 m2 Atrium in 2012 at the bottom of the property crunch for a reported €100m.

‘You had to have a strong stomach to step into the Dutch office market at that point,’ Erik Moresco told the FD earlier. Moresco is the founder of Victory Advisors, the British investment company behind Icon Real Estate. Icon operates a number of high-end assets in central business locations throughout the Benelux area.

The Atrium was in poor repair in 2012 and Victory invested in upgrades as well as two new towers and a car park. Tenants are now paying between €365 and €400 per m2 per year.

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