15 November 2023
The Bouwinvest Dutch Institutional Office Fund has acquired the prestigious office building The Bell in Amsterdam from the Stichting Stadgenoot housing corporation. This listed building, originally built in 1873, represents a combination of historical charm and modern sustainability.
Located in central Amsterdam, The Bell at Sarphatistraat 370 offers excellent accessibility by car, public transport and by bicycle. The building is just a five-minute walk from Weesperplein metro station and close to the centre of Amsterdam, which makes its attractive to tenants.
The office building, which underwent a large-scale renovation between 2009 and 2012, now offers 6,948 m² LFA of office space. The renovation improved the building’s energy performance to A+++ from an EPC G label, thanks to modern installations, including cooling via a thermal energy storage system. Tenants include the Amsterdam University of Applied Sciences, real estate firm AHAM Vastgoed and the Stadgenoot housing corporation itself. The innovative and flexible work spaces in the building are managed by Re:Invent.
Bas Jochims, Director Dutch Office & Hotel Investments: “The acquisition of The Bell in Amsterdam is an excellent addition to our Office Fund. The acquisition highlights Bouwinvest’s commitment to strengthening its real estate portfolio by adding top quality and sustainable assets.”
Egbert Dekker from the seller, the Stadgenoot housing corporation, is pleased with Bouwinvest as the new owner: “Bouwinvest is a highly reputable party and is known for managing the capital of various pension funds. Bouwinvest’s long-term investment vision is a perfect match for Stadgenoot’s own mission, which is to rent, maintain and add affordable, sustainable, high-quality homes in Amsterdam.”
For its part, Bouwinvest was pleased to learn that the entire proceeds of this transaction will be used for the realisation of affordable housing in Amsterdam, continuing Stichting Stadgenoot’s mission. Bouwinvest is also committed to addressing the challenge of eliminating the Netherlands’ enormous housing shortage over the next decade.
About the Office Fund
The Office Fund invests primarily (at least 80%) in city centre areas in the four major cities in the Randstad urban conurbation. We believe offices in these cities offer the best chance of stable returns, as they maintain their value in the long term. We ensure that our offices are located in liveable and inclusive areas, that offer a mix of functions. This is where people want to live, work and stay now and in the future. This is how we combine the interests of society with the financial interests of our clients.
Bouwinvest was advised in the sale by Sweco Nederland (technical advice) and Dentons (legal advice). Stadgenoot was assisted in the sale by commercial advisers P. van den Bosch Bedrijfsmakelaars and Cushman & Wakefield, as well as technical advisers Hollis Global and law firm Baker McKenzie.