US private equity firm LCN Partners has acquired Dutch bank ING’s new head office in Amsterdam, which is currently under development by OVG Real Estate and G&S Vastgoed.
Financial details were not disclosed, other than that financing is being provided by ING Real Estate Finance through a green loan.
ING expects to move into the 36,000 m2 of office space in the complex, which includes 400 parking spaces, in mid-2019. The bank has signed a 15-year lease with LCN for the premises.
The new headquarters building will be designed in campus style by Benthem Crouwel Architects. The former buildings on this site – now completely demolished – will be replaced by an energy-efficient, future-proof and smart office building featuring high-tech solutions and applications.
'It’s fantastic that such an enormous project that is still in full development and that will house an international high-impact player like ING has already found a new owner,’ OVG and G&S said in a joint statement. ‘The preferences of the new users have been integrated into the plans with smart and sustainable technology, resulting in a building that offers a healthy work environment to users and is designed for long-term and sustainable use. This project is the perfect example of how we aim to change the real estate market as pioneers in creating healthy workplaces.’
LCN Capital Partners commented: ‘We distinguish ourselves in build-to-suit transactions through early and active involvement in the development process. We are proud of our relationships with our tenants and developers with whom we work. ING, a globally active bank, benefits from the extensive knowledge and development expertise of OVG and G&S. It is important that ING’s long-term commitment to this new A-class office endorses the long-term investment strategy of LCN European Fund II, thereby fulfilling the expectations of our investment partners.’
OVG and G&S are being advised by Nauta Dutilh and PWC in the development of ING’s new head office, while LCN Capital Partners is receiving advice from Arendt & Medernach Luxembourg, Houthoff Buruma, KPMG and real estate consultants Cushman & Wakefield and Savills.
