Dutch office investment

Bank of Ireland Asset Management completed the purchase of a prime fully-let office investment in the centre of Amsterdam for about €50 million.

The property — Weesperplein 6-8 — is fully let to the Dutch government with a further 12 years remaining on its lease.

The accommodation extends to 13,000 square metres over basement, ground and eight upper floors, with 40 basement car parking spaces.

“This purchase ideally fits our European acquisition strategy as the property gives excellent security of income, strong rental growth prospects and potential development opportunities. Due to the limited supply of modern office accommodation in central Amsterdam, the market has experienced strong rental growth in the past year and this trend is forecast to continue over the medium to long term,” said Ian Johnston, head of property investment at BIAM.