A private investor from the Middle East has entered the Dutch market with the purchase of the H-Park office complex in Hilversum for €50 mln.
H-Park is a redevelopment of two old factory buildings originally used by Nivea manufacturer Beiersdorf. After Beiersdorf moved out in the early 1980s, the buildings were occupied by the Dutch Public Broadcasting Agency NOS and eventually by the HKU University of the Arts Utrecht. The complex was completely renovated at the end of 2019 and currently offers 11,000 m2 office space leased to the global creative production company MediaMonks, 400 m2 sports facilities occupied by the Bonjasky Academy, 33 work/live apartments and 36 short-stay apartments. The entire complex been upgraded to energy label A +++.
Michiel Santing, director of BNP Paribas Real Estate International Investment Group, which advised the buyer said: ‘Project H-Park is a perfect example of the collaboration between different complementary parts within the BNP Paribas Group. Our teams in Asia and the Middle East provide us with the opportunity to be in direct contact with the decision makers of foreign investors who are actively looking for investment opportunities in Europe. The close collaboration with our Wealth Management, Corporate & Institutional Banking departments and the Dutch Real Estate team has enabled us to successfully complete this transaction during the Covid-19 period.’
The vendor was advised by Eversheds Sutherland and Rechtstaete. The buyer was commercially advised by BNP Paribas Real Estate, legally by NewGround Law, fiscally by VanOlde and technically by Drees & Sommer. BNP Paribas Real Estate has been appointed as Property & Asset Manager.
