Global asset manager AEW has acquired the HeadQuarter building in The Hague, the Netherlands.
Financial details were not disclosed.
The deal was struck on behalf of AEW Europe Value Investors II (EVI II) and is the fund’s third investment in the Netherlands, following the acquisition of the Boompjes and Vasteland assets in Rotterdam earlier in the year.
Carsten Czarnetzki, fund manager of EVI II at AEW, commented: 'This acquisition is a unique opportunity to acquire a fully let office asset below replacement value.
'The Hague is experiencing low vacancy rates for office stock, which combined with the short remaining lease term make this an attractive opportunity for the Fund to capture upside potential.'
The eleven-storey building was constructed in 2002 and comprises 16,000 m2 of leasable space and 216 parking spaces, and is 97% let to six tenants with two thirds of the income linked to the government and municipality.
The asset benefits from an inner garden, a restaurant, terraces on the higher floors and is certified as Breeam Very Good.
HeadQuarter is located on Wilhelmina van Pruisenweg on the fringe of the CBD and within the newly created Central Innovation District (CID).
Frederique Weber, country manager for The Netherlands at AEW, added: 'This transaction further expands our footprint in the Netherlands and demonstrates our ability to leverage our local expertise to source attractive investment opportunities.'
AEW was advised by Greenberg Traurig and Spring, and the vendor by Cushman & Wakefield and Houthoff.
