Cordea Savills has completed its first acquisition in the Netherlands, buying the office headquarters of USG People in Almere for €39m on behalf of Europa Immobiliare No.1, an Italian-domiciled property fund for private investors.
Almere is a fast growing satellite city situated 25km east of Amsterdam, the five-year-old eight-storey office building, ‘Le Nouveau Jour’, has a rental space of 11,800 square metres. It is fully let to United Services Netherlands B.V. until 2018, guaranteed by its parent company, USG People N.V. a European employment services firm which is listed on the Amsterdam Stock Exchange.
Richard Lake, Director of Cordea Savills, said: “This is a low-risk first acquisition in the Netherlands that offers a secure income stream as well as returns forecast to exceed the Fund’s targets. The Dutch office market is well developed and as a response to the improving economy there is a strong level of demand for quality space. With good growth prospects and a liquid property market, the Netherlands is attracting interest from both international and domestic investors.”
Cordea Savills was advised by Jones Lang LaSalle and Simmons & Simmons.
The increase in minimum AE contributions has had little impact on opt-out rates - with cessations after April increasing by less than two percentage points, data from The Pensions Regulator (TPR) shows.
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