ABN AMRO sells head office to Victory Group for EUR 765 million
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ABN AMRO announces today that it has reached agreement with real estate investment firm Victory Group regarding the sale and leaseback of the bank’s head office at Gustav Mahlerlaan in Amsterdam. The intended sale of the building, also known as Gustav Mahler, was announced in November 2020, as was the redevelopment of the bank’s current office at Foppingadreef in South-East Amsterdam into a new sustainable home base from 2025.
Victory Group is partnering with G&S Vastgoed in a consortium. Both parties have a good track record, individually and together, which makes them a reliable partner for the city and for the bank. Victory Group will pay EUR 765 million for the Gustav Mahler building, taking into account the favourable lease conditions for the coming years when ABN AMRO will lease back the entire building during the redevelopment of the Foppingadreef offices. The refurbishment is expected to be completed in 2025. After completion, most ABN AMRO staff will move to the new home base in South-East Amsterdam and the bank will lease part of the Gustav Mahler building, which will remain its official head office and commercial branch office. The transaction will result in a pre-tax profit of EUR 338 million, which will be booked in Q4 of 2021.
The sale of the Gustav Mahler building marks the end of a careful process in which several parties submitted plans and bids. As part of the tender process, ABN AMRO took into account the wishes of the city of Amsterdam with regard to the future liveability and diversity of the Zuidas business district. As a future tenant of part of the redeveloped building, ABN AMRO has set specific sustainability criteria for the buyer’s plans and for the reuse of our circular landmark pavilion Circl.
A small team in ABN AMRO’s Corporate Banking client unit has arranged the financing for this real estate transaction.
ABN AMRO CEO Robert Swaak: ‘As one of the founders of Amsterdam’s still young Zuidas business district we feel a great responsibility for its future. The plans Victory Group and G&S Vastgoed have presented for the redevelopment of our head office and the addition of functions to the district will evolve the Zuidas into a more mature residential and business district with a distinctive sustainable character. We will work hard in the coming period to redevelop our office at Foppingadreef in South-East Amsterdam into a ‘beyond Paris-proof’ new home base. Looking ahead as the bank’s CEO, I am very proud that ABN AMRO will remain a permanent resident of these two superb locations in the city for many years to come.’