Principal Asset Management acquires mixed-use property in Utrecht

Principal Asset Management has acquired a hybrid office and data centre property in Utrecht, Netherlands, for its SCPI, Principal Inside.

Principal Inside Utrecht

This transaction represents the fund's inaugural European acquisition, following three previous investments in the United States.

The asset, situated at Ptolemaeuslaan 69 within Utrecht’s established Papendorp office district, was purchased for approximately €9.0 mln, reflecting a gross initial yield of 8.18%*.

Constructed in 2013-2014 specifically for RAM Infotechnology, the four-story building encompasses roughly 2,812 m2 of net lettable space. The facility is functionally divided, with approximately 70% dedicated to office use and 30% to an integrated data centre. The property is fully leased to RAM Mobile Data (Netherlands), a member of the RAM Infotechnology group. It serves as the central hub for the tenant’s operational and management functions, with the data centre component being integral to its core service delivery.

The building holds an A++** energy label and includes 62 on-site parking spaces.

The property is located in Papendorp, a recognized office precinct southwest of Utrecht city centre and part of the broader Leidsche Rijn area. The district features modern, low-rise architecture and excellent accessibility, hosting a mix of national and international occupiers. Papendorp benefits from immediate access to the A2, A12, and A28 motorways, providing connectivity to major cities like Amsterdam, The Hague, and Rotterdam within the Randstad region.

Guillaume Masset, president of Principal Asset Management France, said: “Principal Inside’s first European acquisition for Principal Inside reflects our strategy of targeting real estate sectors driven by strong structural trends, including data centres meeting rising storage demand. Furthermore, the tenant, RAM IT, operates critical cloud infrastructure for the healthcare sector, creating a high degree of operational integration and long-term commitment within a defensive sector.”

Principal Asset Management was advised by BNP Paribas Real Estate, N/P Notarial Partners, HaskoningDHV and by Etyo, while the vendor was advised by 3 Stone Real Estate Partners.