Aukera funds Dutch office building acquisition and modernization

Aukera Real Estate has completed the first deal for its new Debt Fund I, providing a €15 mln loan to Dutch developer and investor Cero Invest. 

Crystal Building

This financing will enable Cero Invest to acquire and modernize the "Crystal Building" office complex near Rotterdam, The Netherlands.
The Crystal Building offers approximately 14,000 m² of office space across two buildings, currently 80% leased. Plans include strategic investments in upgrading the reception areas, adding seminar rooms, a cafeteria, and fitness facilities.
This ESG-orientated modernization aligns with a larger urban development plan for the area, which aims to convert older office spaces into residential units, thereby increasing the value of modern office properties like the Crystal Building.
The asset features 302 parking spaces, with 36 equipped for electric vehicle charging. Currently, 80% of the building is leased.
The Crystal Building office property at Rivium Boulevard 201-234 is located in the town of Capelle aan den IJssel, directly on the city limits of Rotterdam. 
The complex includes 302 parking spaces, 36 of which have electric charging facilities. The Crystal Building is currently around 80 % let. Targeted investments in modern reception areas, seminar rooms, a cafeteria and fitness facilities will enhance the property and make it fit for the future. 
Patrick Züchner, CIO of Aukera, said: "With the financing of the Crystal Building, we are focusing on an office property with a stable rental situation, an experienced investor and developer, and a clear ESG-oriented modernisation strategy. The transaction offers a balanced risk/return profile and fits in perfectly with our investment approach."
Cees Rodenburg, founder and CEO of Cero Invest, adds from the perspective of the real estate investor: "With the Crystal Building, we’re creating a modern, sustainable workplace. As in our other projects, we focus on optimising buildings, improving their sustainability and giving them a strong identity.”
Aukera's new debt fund, aiming for €500 mln from institutional investors in German-speaking countries, has secured a €50 mln commitment from HUK-Coburg Asset Management. This fund focuses on senior secured whole loans, maintaining a loan-to-value ratio of up to 75% and targeting annual returns of 6% to 7.5%. 
This initiative comes as approximately €100 bn in German commercial property loans are set to expire in 2025/26. Due to rising interest rates and stricter regulations, many traditional bank extensions are no longer feasible. This situation presents a significant opportunity for institutional investors to step in through managed debt funds.
Patrick Züchner added: "We expect the deal flow for various types of use in Germany, the Netherlands and Austria to remain high for the time being. This applies to both refinancing and traditional acquisition financing." 
For this deal, Aukera received advice from BJTK Law and NewGround Law, while Cero Invest was advised by CMS Legal and De Vastgoed Financiers.