Hill Top 3 Ltd, an investment vehicle arranged and managed by the Netherlands' Equity Estate and Dubai-based advisory firm Arzan Wealth (DIFC) has purchased an office building in the Hague from Westinvest Gesellschaft für Investmentfonds mbH, a subsidiary of Deka Immobilien.
Financial details were not disclosed but the price is understood to be in the €40 mln range.
For Arzan Wealth the deal represents its third acquisition in the Netherlands, and the first in its new joint venture with Equity Estate, co-investing for the first time.
The 'Java' office building, which is let to ‘Nederlandse Organisatie voor Wetenschappelijk Onderzoek’ (NWO) on a long-term lease, comprises over 13,600 m2 plus 176 underground parking spaces.
'We are happy to add the NWO-building to the portfolio. The building is a perfect fit for the investment criteria of the joint venture between Arzan Wealth and Equity Estate,' commented Enrico van Erkelens, Equity Estate's CEO.
‘The long lease term and the strong covenant are important for our long term investments. We see opportunities in the Dutch office market and we would like to invest in this segment with our partners. The Dutch office market offers attractive investments for international investors, especially with an economy growing faster than most of the neighbouring jurisdictions.'
JLL advised the vendor. Arzan Wealth and Equity Estate were advised by NL Real Estate, AKD and BDO. Equity Estate will perform the asset management.
Arzan Wealth (DIFC) Limited is a Dubai-based real estate firm regulated by the Dubai Financial Services Authority.
