DGAP-News

MPC Capital subsidiary Cairn Real Estate sells office complex

DGAP-News: MPC Münchmeyer Petersen Capital AG / Key word(s): Real Estate/Disposal MPC Capital subsidiary Cairn Real Estate sells office complex 21.03.2017 / 12:56 The issuer is solely responsible for the content of this announcement. MPC Capital subsidiary Cairn Real Estate sells office complex

Cairn Real Estate completes repositioning of 'La Guardia' office complex in Amsterdam and sells to an international investor for a price of more than EUR 130m


Hamburg/Amsterdam, 21 March 2017 - Asset and investment manager Cairn Real Estate, the Dutch subsidiary of German asset and investment manager MPC Capital AG, has sold the 'La Guardia' office complex in Amsterdam to an international institutional core investor. The disposal marks the first exit in the company's strategy of repositioning good quality office buildings executed on behalf of an institutional investor. The IRR (internal rate of return) of the project is around 23% post tax.

Office complex La Guardia is strategically located in the Amsterdam Sloterdijk area and consists of four buildings with a total floor space of about 64,000 m². After acquiring the complex in the summer of 2014, Cairn Real Estate repositioned the entire complex from a single tenant complex to a lively, multi-tenant working environment. The location has undergone extensive renovations, among others in the entrance area and central Plaza connecting the buildings, so tenants can use a wide range of additional services, such as coffee and salad bars in an attractive campus setup.

Maarten Briët, Managing Director at Cairn Real Estate: "La Guardia is exemplary of our vision to add true and long term value to the real estate sector and at the same time to generate attractive returns for institutional and private international investors. We focus on developing office spaces in ideally located areas where infrastructure programs improve accessibility and attraction to leading international companies looking to establish themselves in the Amsterdam area. It is not only about developing attractive office spaces, it is also about co-designing the entire context of the building, creating an inviting urban area that facilitates working, living, shopping and leisure."