Global independent real estate investment adviser 90 North Real Estate Partners working with jv partner Dubai-based Audacia Capital has purchased two office properties in the Netherlands from Red Company for €91 mln.
The two adjacent, under-construction properties located in Hoofddorp, The Netherlands, have a target completion of Q1 2019. The assets represent 20,000 m2 of offices with more than 400 underground parking spaces.
'90 North has now completed its 30th acquisition with many of the properties having similar characteristics – brand new or modern constructions, long leased to strong, global tenants with the highest possible environmental accreditation,' commented Nicholas Judd & Lisa Amin, 90 North. 'It was a great pleasure working with RED Company on both these transactions. Both investments will provide a secure long-term income stream from global blue-chip tenants.'
The properties are being developed by Red Company and were designed by architecture firm Powerhouse Company, with a focus on sustainability and health.
'We are very proud to partner with 90 North and Audacia on this unique development,' said a Red spokesperson. 'The Hoofddorp area was already one of the most sustainable office development areas in Europe. We are now adding ‘health’ to this profile.'
NIBC provided financing for Red Company.
Cushman & Wakefield acted as sell-side advisors for Red Company, while DLA Piper/Loyens & Loeff acted as legal advisors. DVP acted as technical advisor..
AC Niellsen and Van Gool Elburg advised 90 North, with Simmons & Simmons acting as legal advisors and Arcadis acting as technical advisor.
