Irish private equity real estate group Quinlan Private has completed the purchase of The Atrium, a 34,000 sq m office complex in Amsterdam, for approximately €200 million from Tishman Speyer.
On the back of the acquisition Quinlan Private is forming a new Western European Office Fund (WEOF) which will comprise The Atrium and two other recently-acquired properties in Frankfurt and London, which have a combined purchase price of approximately € 430 million.
The other properties in the new fund are the BleichStrasse 1 hotel and office complex in Frankfurt, which was acquired in a 50 per cent joint venture with Germany's FOM Real Estate last month, and Senator House in London, which comprises 14,500 sq m of office accommodation in the City of London.
Thomas Dowd, a partner with Quinlan, said that the new fund provided market and currency diversification for investors. He said upside would come from strong asset management.
Although The Atrium is fully let, the rents are below the local market average.
Mr Dowd said that a significant portion of the rental was due for review or was expiring over the next five years and Quinlan was expecting "strong rental growth".
