Ballast Nedam has sold the De Admiraal office complex in Nieuwegein to Raiffeisen Immobilien Kapitalanlage GmbH, of Austria. The total of 50,000 m2 of office space is divided over seven buildings, the last three of which are currently under construction.
The complex is located at the point where the A12 motorway crosses the Merwede Canal. Ordina will continue to be the main occupant of the existing buildings (26,097 m2). Ballast Nedam itself is to occupy 15,000 m2 of the new-build capacity, which is due for completion in phases towards the end of 2005 and early in 2006. Work commenced in July 2004.
The transaction enables Ballast Nedam to achieve a considerable reduction in its lease commitments.
Raiffeisen Immobilien Kapitalanlage GmbH is represented in the Netherlands by asset managers Curzon Global Partners, London. The purchaser was advised by Van Gool Elburg Vastgoedspecialisten, Amsterdam. Mavam Participaties B.V., The Hague, acted on behalf of Ballast Nedam.
Source: Ballast Nedam