Hamburg-based fund manager Wölbern Invest has acquired two office development projects in the Netherlands for a total of EUR 45 mln, to be paid on completion of the properties in 2011.
Hamburg-based fund manager Wölbern Invest has acquired two office development projects in the Netherlands for a total of EUR 45 mln, to be paid on completion of the properties in 2011.
The assets, which were developed according to Breeam sustainability standards, are earmarked for the company's closed-end Holland 70 fund, which will be marketed to investors in October 2010. The projects are located in Hengelo and Hoofddorp and are leased to Siemens Nederland and Bosch Siemens Huishoudapparaten. The two tenants have agreed on a 10-year lease term and plan to use the properties as their corporate headquarters.
'We decided to make an offer at an early stage because competition for such core real estate is enormous,' said Werner Ackermann of Wölbern Invest.
The Hoofddorp property was developed by Park 20|20 Beheer in cooperation with Delta Development Group, Koninklijke Volker Wessels Stevin and Reggeborgh Vastgoed. It offers 7,600 m2 of space and was purchased for EUR 26.7 mln. The Hengelo building, providing some 8,300 m2 of office space, was acquired for EUR 18.4 mln from its developer Van Wijnen.