OVG sells Avery Dennison's European HQ to US player

Dutch developer OVG has sold Avery Dennison's European headquarters and R&D centre project to US private equity player LCN Capital Partners.

While the financial details were not disclosed, PropertyEU's Dutch-language sister publication, PropertyNL, estimates the deal value at €35 mln.

Designed by architect Paul de Ruiter the development is located within the Leiden Bio Science Park in the city of Leiden and on completion in the summer of 2014 will combine the labelling and packaging specialist's headquarters with its research and development centre.

'More and more new investors are coming into the Dutch market,' commented OVG's CEO Coen van Oostrom.

3-stone Real Estate and Cushman & Wakefield acted on behalf of OVG. OVG was assisted by law firm Stijl Advocate while LCN was advised by Houthoff Buruma and CVO-Group.

FGH Bank provided finance for the project.