Property deal in Amsterdam

A consortium of 15 Irish investors has paid €11 million for an office building close to the centre of Amsterdam. The property has been acquired from another international consortium which includes two Irish individuals.

The deal, completed in the middle of last month, is believed to involve both new and experienced property investors. All the parties involved are high net-worth individuals and all are professionals. The group includes both men and women.

The property in question is a 4,184 sq m building that comprises 28 own-door business units. Tenants for the units were in place at the time of purchase, with tenancy agreements set to run for a further couple of years. The building was acquired on a yield of 7.25 per cent.

Originally constructed in 1810, the refurbished property has a listed facade which, at 276 metres, is the longest in Europe. It was once used as a military barracks to accommodate Napoleon's occupying French troops.

The Irish consortium was assembled by BDO Simpson Real Estate Services in Dublin, where senior manager Mr Peter Carty says similar deals are completed "every four or six weeks".

He acknowledged that the latest consortium involved some well-known professionals, but would not be drawn on their identity.

Finance for the acquisition was provided by Commerzbank (Nederland), while legal services were performed by a Dutch notary.