Commerz Real just stepped up its commitment in the Netherlands by acquiring an office property in The Hague for the open-ended real estate fund hausInvest europa. The gross lettable area comes to around 12,000 m². It was agreed not to disclose the investment volume.
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The property is part of the large-scale 'New Babylon' project.
The building is fully let over a 15-year lease term to a renowned Dutch law firm. Called 'Building H' and completed in April 2010, the property is part of the large-scale 'New Babylon' project that includes office and retail spaces along with apartments and one hotel. The overall completion of the complex is scheduled for 2012. The asset was sold by Babylon Den Haag, a project company of Fortress Ontwikkeling and SNS Property Finance.
"The property comes with a technical fit-out of very high quality, and occupies a prime spot in a dynamic business location," said Hans-Joachim Kühl, Member of the Management Board of Commerz Real and in charge of real estate acquisitions.
"This acquisition in The Hague contributes to the ongoing diversification of our Dutch portfolio."
The property is situated in the finest location in the well-established 'new center' sub-market of the Central Business District, the direct vicinity of the property being accentuated by government institutions and ministerial buildings. The location is characterised by superior access to public transportation, to the motorway network, and to several international airports. Moreover, the main railway station is located directly next to the building.
Source: Commerz Real
"The property comes with a technical fit-out of very high quality, and occupies a prime spot in a dynamic business location," said Hans-Joachim Kühl, Member of the Management Board of Commerz Real and in charge of real estate acquisitions.
"This acquisition in The Hague contributes to the ongoing diversification of our Dutch portfolio."
The property is situated in the finest location in the well-established 'new center' sub-market of the Central Business District, the direct vicinity of the property being accentuated by government institutions and ministerial buildings. The location is characterised by superior access to public transportation, to the motorway network, and to several international airports. Moreover, the main railway station is located directly next to the building.
Source: Commerz Real
