Italian property fund goes Dutch

Professional Adviser
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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.

The acquisition broadens the fund’s geographic reach which now extends to the UK, Germany, Italy, the Netherlands and Sweden with a gross asset value of circa €400 million. 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...

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