Meag, the asset manager of Munich Re and Ergo, has acquired the World Port Center in Rotterdam, the Netherlands, for a special real estate fund in which Munich Re Group investors are invested.
Financial details were not disclosed.
The seller of the property is a joint venture between a fund affiliated with MCAP Global Finance, the UK affiliate of New York based global asset manager Marathon Asset Management, and Unifore Real Estate.
The building is let on long term leases, with major tenants including the Port of Rotterdam Authority and the Dutch National Police.
Sebastian Sturm, acquisitions manager real estate for the Netherlands and Finland at Meag said: 'The World Port Center in Rotterdam impresses with its excellent location, breathtaking architecture, high building quality and excellent sustainability.
'This building thus perfectly meets our high standards for the future viability of our investment properties. The World Port Center is let on a long-term basis and the property offers investors from our group stable cash flows over the long term to cover their liabilities from the core business.'
The World Port Center, designed by Foster + Partners, is located on the Kop van Zuid peninsula, which can quickly be reached by underground from Rotterdam Central Station.
The 123-metre-high multi-tenant office tower is located at the tip of the Wilhelminapier, and comprises a total of approximately 35,500 m2 of modern office space spread over 32 floors. The completely refurbished two-storey car park offers 507 parking spaces, 60 of which are equipped with charging stations. The U-shaped building consists of two towers, which are of different heights and connected by a glazed lift lobby.
World Port Center was extensively refurbished, repositioned and leased on long-term leases by the vendor, with improvements to the ESG credentials of the building and a full renovation of the lobby and terraces, designed by Mecanoo. The property has been awarded a BREEAM Excellent and a WELL Gold certificate.
Claudia Bilgic, director at MCAP Global Finance added: 'We are proud to be passing on a future-proof Core investment to Meag after years of transformative asset management. The property has seen major improvements and leasing activities during our ownership. We are delighted to have partnered with Unifore and are thankful to our tenants for their support and engagement.'
Meag was advised by Greenberg Traurig (legal, tax), BNP Paribas, Hollis (technical). Marathon was assisted by Cushman & Wakefield, Loyens & Loeff (legal), Savills (property management) and KPMG (tax).