90 North Real Estate Partners (“90 North”) has advised on the acquisition of the newly constructed global headquarters of Heerema Marine Contractors (HMC) in Leiden, the Netherlands, for €70m (£54m). The property is fully let to HMC on a 20 year lease. The transaction is 90 North’s sixth in Europe and twenty-fifth in total.
Designed to a BREEAM “Excellent” standard, the brand new 20,616m² (221,908ft²) office building (including 589 car park spaces) is located in Leiden’s central business district, close to the train station and motorway. Leiden is the fourth largest city in south of the Netherlands and is strategically located between The Hague and Amsterdam-Schiphol, famous for its university and the Bio-Science Park.
Cherine Aboulzelof, Partner and Head of Continental Europe at 90 North commented, “We are delighted to be adding Heerema Marine Contractors’ HQ to our expanding European portfolio. The Netherlands is an attractive market with a strategic location in Europe. This is the second transaction we have completed in the country within the last 12 months. With a strengthening economy outperforming European neighbours, we expect the Netherlands to continue to provide attractive opportunities.”
Nick Judd, Founder & Head of Investment at 90 North commented, “The transaction exemplifies our strategy of investing in modern, high quality assets, let to globally renowned and financially strong tenants on long leases in order to secure attractive income returns and capital growth. We believe this strategy will stand the test of time, particularly at a time of increased economic and political uncertainty. This is the fifth deal we have advised on in 2016 and the twenty-fifth since 90 North commenced acquisitions in 2012. We are delighted to be partnering once again with Arzan Wealth.”
90 North’s partner, Arzan Wealth (DIFC) Limited, a Dubai based advisory firm regulated by the Dubai Financial Services Authority, acted as the Strategic Advisor on the structuring and acquisition of the property.
HMC is a world leading marine contractor in the international offshore oil and gas industry. The company manages the entire supply chain of offshore construction, from design through to completion. Its services encompass engineering, planning, logistics, project management and execution of projects all over the world.
The vendor was a fund managed by Standard Life Investments. Simmons & Simmons acted as Legal Counsel to the purchaser and Arcadis as technical advisor. AC Niellsen Ltd and Van Gool Elburg advised the purchaser. Loyens & Loeff acted as Legal Counsel to the vendor and Royal HaskoningDHV as technical advisor. DTZ Zadelhoff was the commercial advisor of the vendor. Financing was provided by ING Bank.
