RED Company has sold two adjacent built-to-suit headquarter office properties now under construction in Hoofddorp, The Netherlands, to 90 North Real Estate Partners working with its joint venture partner Dubai based Audacia Capital. Both headquarters will be officially opened in Q1 2019. The combined purchase price was approximately €91m. The two properties combined amount to 20,000m² of office space and more than 400 underground parking spaces.
The properties, developed by RED Company and designed by architecture firm Powerhouse Company, are both state-of-the-art intelligent office buildings with a strong focus on sustainability and health.
Nicholas Judd & Lisa Amin, 90 North, commented: “90 North has now completed its 30th acquisition with many of the properties having similar characteristics – brand new or modern constructions, long leased to strong, global tenants with the highest possible environmental accreditation. It was a great pleasure working with RED Company on both these transactions. Both investments will provide a secure long-term income stream from global blue-chip tenants.”
Hein van der Post, Associate director at NIBC, said: "We are delighted to be able to assist RED Company in the sustainable development of both offices. The high quality of both buildings fits perfectly with our vision of providing financing for commercial real estate. Because we were involved at an early stage, it was possible for us to optimally advice on financing structures. We see RED Company as the new generation among the real estate development branch. The collaboration with RED Company has been both very professional and pleasant. We are looking forward seeing the stunning end result."
RED Company also stated: “We are very proud to partner with 90 North and Audacia on this unique development. It is our mission to create the best workplaces of the 21st century, and we feel that 90 North and Audacia are equally passionate about this ambition. The Hoofddorp area was already one of the most sustainable office development areas in Europe. We are now adding ‘health’ to this profile, as these two new, state-of-the-art offices will not only be very sustainable but also among the healthiest office buildings in the Netherlands.”
NIBC has provided financing for RED Company. Cushman & Wakefield acted as sell-side advisors for RED Company and DLA Piper / Loyens & Loeff acted as legal advisors for RED Company. DVP acted as technical advisor of RED Company.
AC Niellsen and Van Gool ♦ Elburg acted as buy-side advisors, and Simmons & Simmons acted as legal advisors to the purchaser. Arcadis acted as technical advisor of 90 North.
