Korean investor Hana Alternative Asset Management (HAAM) entered the European smart buildings sector in May 2019 by acquiring EDGE Amsterdam West at Basisweg for EUR 250m from Edge Technologies (OVG). With this purchase, it has gained an iconic building that is being refurbished by the seller with intelligent technologies for a modern working environment.
Edge Technologies, a leading developer and smart services provider, will transform the 52,500m2 building into a smart, sustainable and healthy office space. Tenants include Dutch pension fund ABP, energy network provider Alliander as well as financial services providers APG and Intertrust.
CMS advised HAAM on the acquisition, redevelopment and financing of the building and acted as notary for the completion of the transaction.
“The deal marks an ongoing trend for Korean investors looking to acquire prime real estate assets in the Netherlands,” said Amsterdam-based partner Arnout Scholten.
Recently, CMS advised Kiwoom Asset Management on the EUR 130m purchase of the Queens Towers in Amsterdam West in 2019.
Both deals were led by Arnout Scholten.