PingProperties is acquiring the Dutch headquarters of German engineering and electronics group Siemens in a sale-and-leaseback transaction.
PingProperties is acquiring the Dutch headquarters of German engineering and electronics group Siemens in a sale-and-leaseback transaction.
The four-building complex on the Prinses Beatrixlaan in The Hague comprises 30,000 m2 of leasable area and 542 parking spaces. Siemens has agreed a 12-year lease with the new owner.
PingProperties is placing the asset in a new closed-end fund, PingProperties Corporate Office Fund VII, and has undertaken to carry out significant investment to improve the property's green profile and to make it suitable for flexible working.
An analysis of the transaction (including an estimate of the investment volume) is available for premium members here
