Valad acquires 68,500m2 office building in The Hague

Investment manager Valad Europe has acquired the 68,500 m2 Haagse Poort office building in The Hague.

Financial details were not disclosed but PropertyEU has established on the basis of land registry data that Valad paid €114.6 mln for the asset, a 43% discount to the price of €203 mln which the vendor Evans Randall paid in 2006.

Valad bought the property on behalf of the Valad Netherlands Diversified Partnership (VNDP). The building comprises 18 high-rise floors and seven low-rise floors, as well as 1,000 parking spaces. It underwent an extensive refurbishment in 2013-14.

Haagse Poort is built over the A12 motorway into The Hague and is currently almost fully let, with major tenants comprising insurer Nationale-Nederlanden (NN) and global energy infrastructure group CB&I which both operate their corporate headquarters from the site.

Comment
Thierry Leleu, head of fund management at Valad Europe, said: ‘Given recent upgrades to the GDP forecast and the expectation that employment growth in the services sector is likely to be as high as 10% by 2025, we are broadly positive about the outlook for the office sector in the Netherlands.’

The acquisition is the third for VNDP since it was launched earlier this year and takes the fund’s total investment to more than €300 mln.

BNP Paribas RE / Nadorp Investment Services, advised Valad Europe on the purchase and CBRE acted for the vendor.

Valad Europe manages €5.3 bn of real estate assets and investment capacity across its 27 funds and mandates in Europe.

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