Dutch developers COD and Borghese Real Estate have acquired the Green Campus office complex in The Hague from a fund managed by Aberdeen AM for €68.5 mln.
In a follow-on transaction, the buyers have sold on one of the properties – Maanplein 55 - to French REIT Corum for €38 mln.
The 80,000 m2 Green Campus complex was developed by Multi Corporation for telecoms group KPN between 1999 and 2001 and consists of 12 buildings set in a landscaped environment with a 950-space underground car park.
Multi was founded by Hans van Veggel, whose COD (Crade of Development) business is now a joint buyer of the property. Multi is now Blackstone's European shopping centre platform.
The €68.5 mln transaction was partly financed by GreenOak Real Estate, its second Dutch deal to be funded in recent months.
KPN will gradually vacate the premises but continue to use the complex as one of its office hubs alongside Amersfoort, Amsterdam, Houten, Rotterdam and Zoetermeer. The company has sealed a new, long-term rental contract for 21,000 m2 of space in Maanplein 55.
The remaining vacant buildings will be converted into private-sector rental homes as part of municipal plans to turn the De Binckhorst district into a mixed residential and office area. In addition, some of the premises will be renovated and refurbished into new office space.
Borghese Real Estate and COD were advised on the deal by BNP Paribas Real Estate and Nadorp Investment Services. Nauta Dutilh acted for the buyers on the legal side. The vendor was represented by Cushman & Wakefield and CMS.
