Three new tenants for property Vijzelstraat 66-80
Over the past six months, HIH Invest has re-let 2,443 square metres in an office property in the centre of Amsterdam on a long-term basis. In the property Vijzelstraat 66–80, AMS-IX, operator of an Internet exchange in Amsterdam, is renting 1,029 square metres; the food delivery service Flink occupies 752 square meters and an international music streaming service 660 square meters. The multi-tenant building comprises a total of 21,083 square metres of rental space, which is fully let. Tenants are the flex office operator Spaces, Randstad, Angelo Gordon and the travel portal Booking.com.
Malte Wallschläger, Head of International Asset Management at HIH Real Estate, says: "With the new lettings, we were able to increase the total rent of the property by four percent. Overall, both the yield and the internal rate of return are currently significantly higher than calculated when the property was purchased in 2014. And we expect further potential for rent increases. This is because new office space is still very scarce in the city centre, which ensures a high level of market dynamics, especially for high-quality space."
After discussions with previous tenants who wanted to change the size of their office space, HIH promptly began marketing the vacant units and, in cooperation with the broker DRS Makelaars, quickly completed the new lettings.
Ferenc Trexler, Senior Asset Manager at HIH in the Netherlands, explains: "The property is located in a prime location in Amsterdam's city centre, in the so-called Grachtengordel, with a direct connection to the M52 metro line. The office building was completely renovated in 2014 into a modern, high-quality office building. The spaces are flexible and offer a 360-degree panoramic view over Amsterdam. Each rental unit has spacious roof terraces, which are very popular with our tenants. The new lettings reach a rent level at the level of the inner-city prime rents. I look forward to working with our new tenants in the future."
In the Netherlands, HIH manages six office properties in Amsterdam (Centre, South Axis and Sloterdijk) and four logistics properties in Zwolle, Breda, Halfweg and Bleiswijk. The total portfolio in the Netherlands amounts to around 300,000 square metres of lettable space, which is fully let. The properties are managed by colleagues Ferenc Trexler and Lukas Sverko in the Amsterdam branch of HIH. At the beginning of this month, HIH moved into a larger branch in the Dutch capital at Beethovenstraat 500.
