Northern European real estate investment firm Cording Real Estate Group, together with institutional investment manager Warburg-HIH Invest Real Estate, has acquired an office property in The Hague, Netherlands for an undisclosed sum.
The property was acquired from an unnamed vendor for the 'Benelux Commercial Real Estate Fund', jointly launched at the end of December 2016.
'This transaction shows once again that, with our local team, we are able to identify and acquire interesting investment properties, even in an intensely competitive market environment. The 'Van Bylandt Huis' has a good tenant mix and, with its classical appearance and location, stands out from normal office buildings,' commented René de Heus, director investment Benelux at Cording.
Van Bylandt Huis, which was constructed in 1930 and partly refurbished in 2014, has a lettable area of around 7,500 m2. The property is virtually fully let to 11 different occupiers, including the KNCV Tuberculosis Foundation and the car park operator Pink & Nelson.
'The Netherlands, Belgium and Luxembourg offer a variety of interesting investment opportunities for the fund. We have been active in the Netherlands market for many years and have also invested in the Belgian market,' said Andreas Schütz, senior fund manager at Warburg-HIH Invest Real Estate. 'We therefore have very good access to the market and are able to act quickly on first-class properties in good locations.'
The due diligence was carried out by Houthoff Buruma (legal), CVO (technical) and PWC for taxation issues. Nexus Real Estate and Nauta Dutilh acted for the vendor.
The Benelux Commercial Real Estate Fund is an open-end special real estate fund with a gross target volume of €300 mln, including around €200 mln of equity. The planned investment period is two years.
