HighBrook Investors sells two office assets in Rotterdam to AEW
HighBrook Investors has sold two office assets located in Rotterdam with a total GLA of approximately 27,000 sq. m. (office) space to AEW, on behalf of AEW Europe Value Investors II (EVI II). HighBrook acquired both buildings in early 2018.
The first asset, Boompjes 258 is situated on the banks of the River Nieuwe Maas and has panoramic views over the city. The asset is renovated in 2018 and comprises over 16,000 sq. m. of office space divided over 22 floors.
The second building, Vasteland 10 – 40, is a mixed-used asset which is located 500 meters distance from Boompjes 258. It comprises almost 4,000 sq. m. of retail space on the ground en first floor and over 7,000 sq. m. of office space on the upper six floors. The building was renovated in 2017 and is multi-let to 14 tenants.
Both assets hold Grade A energy labels.
The centre of Rotterdam benefits from excellent transport links, and both properties are close to the metro, tram and water taxi service. Rotterdam has experienced a significant reduction in vacancy levels, which have more than halved over the recent years due to a trend towards residential conversions, and prime rents are expected to grow by circa 10% over the next three years.
HighBrook Investors was commercially advised by Van Gool Elburg Vastgoedspecialisten.