A Joint Venture between a fund affiliated with MCAP Global Finance (UK) LLP, the European subsidiary of New York-headquartered Marathon Asset Management LP, and Unifore has sold the hospitality and retail section of the Montevideo building of approximately 1,900 sq m in Rotterdam, the Netherlands, to Dudok Real Estate for an undisclosed price.
Since 2005, the 152 metre high Montevideo Tower has been a prominent feature of Rotterdam's 'Manhattan on the Maas'. The design was inspired by the skyscrapers of New York, Boston and Chicago from the 1930s. The name Montevideo refers to the period when the Wilhelmina Pier still had many warehouses bearing the names of cities with which Rotterdam maintained trade relations. The Wilhelmina Pier now accommodates various residential and office towers, cultural institutions and restaurants.
A wide range of world cuisines can be found at the Wilhelmina Pier, including Loetje Rotterdam Kop van Zuid, Humphrey's, Restaurant Azura, Rodeo Latin American Grill and Ono Fusion.
Reinier Wegman, Head of Sales at Savills in the Netherlands, says: "The sale of the restaurant section of the Montevideo building proves that restaurants are still of interest to investors, especially after the Covid-19 pandemic. The restaurants at Kop van Zuid will attract other parties and will make it a mixed-use area.”
During the sales process the Vendor was advised by Savills (commercially) and by Loyens & Loeff N.V. (legally). Dudok Real Estate was advised by Houthoff (legally), CBRE (commercial) and by RPS consultancy and engineering firm.