In a landmark investment, Victory transformed a crisis-ridden and under-invested traditional office building into a market-leading modern complex, and the largest single-asset real estate transaction in Dutch history.
The Atrium was truly a landmark investment in many ways. Its acquisition marked the bottom of the financial crisis, and its sale the highest price ever paid for a single asset in the history of the Netherlands.
The building was fundamentally sound and in the best location in Amsterdam’s business district, but faced a number of significant challenges and risks including: a twice-failed sale process in the context of a defaulted loan; no financing available for the acquisition; the prospect of expropriation of a key component of the building by the government; significant deferred maintenance, technical and environmental issues; and frustrated tenants leaving the building in droves.
The sellers and their advisors had a last chance to sell the building and Victory was contacted thanks to our reputation for reliability. If anyone could close this complicated transaction, it would be Victory.