Ilmarinen Expands its Real Estate Investments in the Netherlands
Finland Ilmarinen has invested in an office property in Rotterdam.
After the real estate transaction, Ilmarinen owns half of the office building called Central Post. The other owner is a German institutional investor. Acting as the buyers’ advisor in the acquisition, Hannover Leasing, will also be responsible for the management of the property.
“The investment is well in line with Ilmarinen’s strategy, according to which we seek international diversification for our real estate portfolio in a profitable and secure manner. The long and diversified lease profile of the building accompanied with the relatively competitive return level of the Rotterdam office market, makes the investment compelling,” says Mikko Antila, Ilmarinen’s Head of International Real Estate.
Central Post was built as a post distribution centre in the 1950s. It was refurbished as a modern office property in 2009 and 2010. The refurbishment included upgrades to the building’s energy efficiency by, for instance, doubling the glass facade and installing energy efficient lift and lighting systems.
The building, which is an iconic part of the cityscape, is located next to the main railway station in the heart of Rotterdam. The total floor area of the property is 38,000 sqm. The current occupancy rate is 100 per cent and the largest tenants include the Lyondell Basell chemical company, media house De Persgroep and the state company ProRail, which maintains the Dutch railway network.