London-based property investment firm Castleforge has announced the acquisition of five multi-let office buildings on the historic Koninginnegracht in The Hague as part of its first expansion into the Netherlands property market.
The five buildings (Koninginnegracht 10, Koninginnegracht 12, Koninginnegracht 12b-13, Koninginnegracht 14 and Koninginnegracht 23) will undergo significant renovations over the next five years with Castleforge launching its flexible workspace operator, Clockwise, in at least two of the properties.
The acquisitions form part of Castleforge’s overall European expansion strategy in secondary European cities, following the firm’s investment in Bremen, Germany earlier this year.
Ahead of the purchase, Castleforge identified The Hague as an ideal location for investment due to its strong local economy, burgeoning base of start-ups and proximity to the Dutch Government.
The team has also seen a high demand for flexible office spaces, especially from NGOs and Government-associated organisations, due to a relative undersupply in the area.
Michael Kovacs, founding partner of Castleforge said, ‘The Hague acquisitions are an incredibly exciting addition to our wider European portfolio, particularly given the cultural significance of the city as a hub for both business and Government. We have seen strong demand for flexible and premium office space across the country and we will be exploring other secondary cities over the coming months, including Rotterdam and Utrecht. We look forward to developing these properties and introducing new members to our world-class flexible workspace provider, Clockwise, as soon as they are ready.’
Castleforge was advised on the acquisitions by Circle Real Estate. Dentons Europe served as legal advisor while technical advice was provided by Nivab Vastgoed Advies.
