Hines European Core Fund Acquires Three Commercial Assets from Millten and Harvest in Amsterdam

(THE NETHERLANDS) – Hines, the international real estate firm, has acquired three unique commercial properties from real estate developers and investors Millten and Harvest Vastgoed comprising 11,200 square meters lettable floor in NDSM Amsterdam, The Netherlands, on behalf of the Hines European Core Fund (HECF).

Located in the NDSM submarket, a former shipyard and thriving neighborhood in Amsterdam Noord, the assets are multi-let to a range of tenants including technology, media, food and beverage, and a charity occupier supporting environmental protection. Harvest and Millten have been involved in NDSM since 2014 and have contributed to the development of the area. The three acquired buildings are former shipyard warehouses reimagined as characterful office spaces. The buildings are arranged around a public square, together with an existing hotel, and HECF intends to further expand placemaking initiatives and sustainability-linked activities in collaboration with the neighborhood to positively impact the NDSM area.

NDSM itself is located on the banks of river IJ with excellent transport links including a ferry to the city center and wider Amsterdam. Tenants opt for this cultural hotspot with an array of local amenities including numerous bars and restaurants, an open-air cinema, and one of the largest flea markets in Europe.

The acquisition marks HECF’s fourth acquisition in The Netherlands and underlines HECF’s commitment to the NDSM area, expanding on its earlier forward funding of South Dock. It is HECF’s ambition to further expand its footprint in Amsterdam, realizing synergies across its platform.

Simone Pozzato, Managing Director and HECF Fund Manager at Hines, said: “We continue to broaden our exposure to Amsterdam and the NDSM submarket because the location is a cultural hub with great character and connectivity which continues to attract visitors, residents and businesses alike. HECF has already invested in South Dock, a waterfront residential scheme in Amsterdam due to complete in the second half of 2022, and these commercial additions represent a rare opportunity to acquire such assets at scale in a rapidly consolidating market. We are excited to undertake placemaking activities to unite and ignite the two locations further.”

Andy Smith, Senior Managing Director and Country Head for The Netherlands at Hines, said: “Hines Netherlands is excited for the opportunity to continue to invest in Amsterdam and the NDSM area. There are no better examples of the vibrancy and dynamism that Amsterdam continues to offer, and we believe tenants will be attracted to this neighborhood and these buildings for many years to come. Together with our tenants, the municipality, and other partners, we will continue to enhance this exciting location for the broadest benefit. We thank the previous owners for their trust to continue to improve the area.”

Hines’ advisors on the transaction included: Dentons Europe, PWC, Hollis and Incendio, and on the seller’s side: Florent (legal advisor), Rechtstaete (tax advisor) and Uijthoven Vastgoedadvies (commercial advisor).

About Hines

Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 255 cities in 27 countries. Hines oversees investment assets under management valued at approximately $83.6 billionÂą. In addition, Hines provides third-party property-level services to more than 367 properties totaling 138.3 million square feet. Historically, Hines has developed, redeveloped or acquired approximately 1,486 properties, totaling over 492 million square feet. The firm has more than 171 developments currently underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a foundational commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world.

Since entering Europe in 1991, Hines has grown its European platform to include offices in 16 cities as well as a presence in 62 cities in 13 countries. Hines oversees investment assets under management valued at approximately €21.7 billion and provides third-party property-level services totaling 3.9 million square meters in Europe, in Austria, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Poland, Spain and the United Kingdom.

Visit www.hines.com for more information.

1. Includes both the global Hines organization as well as RIA AUM as of 30 June 2021.

About Hines European Core Fund (HECF)

The HECF was set up in 2006 with the aim of providing investors with a resilient income profile and benchmark’s outperformance, derived from a diversified portfolio of high-quality assets located in prime locations across major European cities. As of Q3 2021 the HECF portfolio was 97.5% occupied with an aggregate fund value of c.€2.4bn. The portfolio of the Fund comprised 32 assets including forward commitments, invested in 16 city markets across ten different European countries.

About Millten and Harvest

Millten is a passionate and independent real estate developer and investor. Experienced with monumental and industrial real estate. The real estate portfolio consists of interior-city projects, including the former Prinsengracht Hospital, Westergas, Nieuw Werktheater, Herengracht 180 and the headquarters of Karl Lagerfeld (Herengracht 182). Millten maintains a structural and long-term cooperation with Harvest Vastgoed, an investor and manager of commercial real estate, specialised in office buildings the greater Amsterdam and The Hague area.