Germany's KGAL Investment Management has acquired the fully-leased 9,200 m2 office property Westerlaan 10 (W10) in Rotterdam, the Netherlands, on behalf of a pan-European fund.
Financial details were not disclosed.
The property, which is located in the city centre and has a high-quality interior, has been the corporate headquarters of chemical storage specialist Vopak for many years. The internationally active, listed group extended its lease for 15 years in 2020.
'Rotterdam is popular with both companies and professionals,' said André Zücker, managing director and head of real estate of KGAL Investment Management. 'The limited availability of high-quality office space in particular is in high demand, which can also be seen in the low vacancy rates.'
The W10 property is centrally located directly on the Nieuwe Maas river and borders Rotterdam's most famous city park, Het Park. The lively city district is characterised by its diversity, offering attractive residential space, offices, gastronomy, retail and culture.
W10 was built in 2004 and most recently benefited from an extensive rental space expansion in 2016. The office property scores highly due to its modern equipment, its flexible space concept and high energy efficiency. Tenant Vopak is contractually bound to the property until 2035.
In addition to 170 car parking spaces, the building includes a large number of bicycle parking spaces and e-charging stations. it also features an energy label of A++' and a BREEAM in-use certification of 'very good'.