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CBRE Global Investors acquires 238 apartments in Rotterdam

CBRE Global Investors, on behalf of the CBRE Dutch Residential Fund and one of its separate account clients, acquires 238 apartments, the commercial space and parking places in the garage of the building at the Boompjes 55-58 in Rotterdam.

The existing office building of approximately 12,000 sqm is located in a prominent place on the Maas river in Rotterdam and is being redeveloped into 344 apartments, commercial space for hospitality and/or other facilities of 1050 sqm and a parking garage with 210 parking places. First Sponsor Group Limited from Singapore and Provast are the developers’ op the project, OZ architects has created the design. The remaining 86 apartments will be sold separately by the developers and will be owner-occupied apartments. Construction will start in the first quarter of 2017.

A wide variety of apartments will be developed, meeting the requirements of a wide audience, offering modern, flexible townhouses. From the terraces, along the entire width of all apartments, there will be a spectacular view of the city and the Maas river. At the ground floor level of the building there will be various facilities such as a restaurant, also with an outside terrace.

Paul Oremus, Fund Manager CBRE Dutch Residential Fund, CBRE Global Investors: “ We are very pleased with the acquisition of this project in Rotterdam. For the CBRE Dutch Residential Fund we are actively seeking acquisitions both existing properties and new developments in the Randstad area. We want to optimize our portfolio and create an excellent return on investment for our investors.”

Jeroen de Grunt, Portfolio Director Separate Accounts Continental Europe, CBRE Global Investors: “Our client is very pleased with this co-investment alongside the knowledgeable residential fund team, and welcoming these types of opportunities to obtain high quality assets with stable income and good growth fundamentals, matching the investment strategy.”

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