The Dutch office investment market continues to see an uptick in activity.
Multi Corp. and Flow Real Estate have acquired Weena 455-457 in Rotterdam, including the former Unilever headquarters, from Magnum Property Ltd.
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The Weena 455-457 building sits in Rotterdam’s Central District, within walking distance from the city’s central station.
Weena 455 spans approximately 22,000 square meters and comprises a high-rise and a low-rise section with parking facilities. No stranger to the Weena building, Flow previously led the large-scale renovation of the W200 building on behalf of its landlord, which included a new design developed by architect firms V8 Architects and HofmanDujardin.
The ground and first floors of the building have been reimagined as a business center, with flexible meeting spaces that can be let to one large tenant or several smaller ones. Weena 455 holds a BREEAM Excellent certification, is Sustainable Finance Disclosure Regulation and Carbon Risk Real Estate Monitor compliant, with no stranding risk until at least 2040, and is set to be Paris Proof by 2027.
Most of Weena 455 is vacant, and Multi and Flow will refine their plans for the building with the municipality of Rotterdam and other key stakeholders.
Weena 457 consists of roughly 2,500 square meters, with one occupier, Tio Business School.
The acquisition is in line with both companies’ track records of repositioning older buildings. Multi operates in 14 countries, and its Dutch business, Multi Development, specializes in complex urban redevelopment, building conversions and mixed-use projects.
Solar panels have been integrated into the roof, and the shell floors have been fitted with HR++ glazing, smart climate ceilings and energy-saving systems.
Cushman & Wakefield, Hemwood and Estalix served as advisers for the seller, while Loyens & Loeff and HMK Notarissen represented the buyers. RAX Finance is financing the deal. Financial terms and additional conditions were not disclosed.
Multi has said that converting retail and office assets to residential will remain a key growth area.
“We now have a number of compelling repositioning schemes across our portfolio, building on Multi’s strong track record for building and developing attractive sites across Europe,” Elmar Schoonbrood, co-CEO of Multi Corp., previously said in a statement.
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