This is the latest in a string of pre-Christmas transactions, which PropertyEU Research has said will help propel the 2017 full-year investment volume for the Netherlands to a new record of €21 bn. 

The transaction was also the first in the Netherlands by Hines since it opened a Dutch office branch earlier this year. 

Located on Vijzelgracht 50, Noortse Bosch comprises 18,000 m2 of office space across five upper floors, with retail and parking amenities at ground level. It is located in the city centre adjacent to the new North-South metro line which is due to open in July 2018. Real IS said Noortse Bosch is one of the largest office buildings in central Amsterdam. 

Tenants
The building is the headquarters of AFM, the Netherlands financial services regulatory authority, which occupies around 12,500 m2. Booking.com, one of the largest online travel booking websites, occupies 5,000 m2. Both tenants are committed to long-term lease contracts.

'The long-term leases with both main tenants reflects the high level of tenant satisfaction. Such large and flexible floors are rare in the city centre of Amsterdam, especially in combination with an excellent parking ratio and accessibility with both car and public transport,' said Melanie Grüneke, head of Real IS Netherlands.

Dutch market
Commenting on the current investment climate, Reinier Wegman, head of sales at Savills Netherlands, said: 'The Dutch investment market has seen another strong year, and the Amsterdam office market in particular is heading for a record year. The office investment volume in Amsterdam currently stands at €3 bn, compared to a total of €1.66 bn in 2016, an increase of 80,8%. Savills expects that with the sale of Noortse Bosch and other deals the total increase to could reach up to 90% before the end of the year.'

Lars Huber, CEO for Hines Europe, said: 'This year we have continued to execute our diversification strategy in Europe, both in terms of asset classes we are investing in, and the markets in which we operate. We have been exploring opportunities in the Netherlands for some time and I’m pleased our first acquisition is such a significant one, and has been completed so soon after establishing our own presence.'

Andy Smith, managing director at Hines Europe and country head for the Netherlands, said: 'This acquisition represents a real statement of intent of our commitment to establishing a strong presence in the Dutch market, where investment and occupier appetite continues to grow. The city center of Amsterdam, a UNESCO heritage site, represents a prime office location that has proved to be a resilient market with strong fundamentals.

'The asset itself is unique as it is only one of very few large, purpose built modern office buildings in the city center with excellent transport links, making this an attractive investment. We are confident of expanding our portfolio across a range of asset classes in the Netherlands over the course of 2018.'

Savills and Loyens & Loeff advised Real I.S. during the sales process.Hines was advised by Arcadis, Baker McKenzie, Dentons Boekel, DRS, and PWC.