Dutch asset manager Bouwinvest is in talks with domestic and foreign investors on the sale of the CentreCourt office complex in The Hague, PropertyEU has learned.
Dutch asset manager Bouwinvest is in talks with domestic and foreign investors on the sale of the CentreCourt office complex in The Hague, PropertyEU has learned.
The 40,000 m2 fully let complex could be sold for up to €125 mln, according to PropertyEU estimates which are based on a theoretical gross rent of €7.7 mln per year (excluding parking garage) and gross initial yields for comparable transactions in The Hague.
Located on the Prinses Beatrixlaan, CentreCourt forms part of Bouwinvest’s Dutch Institutional Office Fund portfolio which has a total value of €446 mln. The fund consists of 25 properties with a total surface area of nearly 218,000 m² spread across the Netherlands.
Two of the fund’s properties are in The Hague. Besides CentreCourt, it also owns the WTC Prinsenhof. Together, the two properties account for 62.2%, or €277.5 mln of the total portfolio value, according to the fund’s 2013 annual report.
‘The Hague is over-represented in this office portfolio, which is why we decided to sell CentreCourt,’ a Bouwinvest spokeswoman confirmed to PropertyEU. ‘The timing for a sale is good now. We are retaining WTC Prinsenhof as well as all the other properties in the fund. We are currently in talks with both Dutch and foreign parties on CentreCourt,’ she said.
Bouwinvest is being advised on the sale process by JLL.
