Catella Investment Management Benelux (CIMB) and Munich-headquartered AIFM platform Catella Real Estate AG (CREAG) have sold a 3,904m² prime mixed-use property in The Hague for over €15m. The buyer is an Irish assurance company. The property was originally purchased in 2012 for the Sarasin Sustainable Properties - European Cities Fund, an institutional fund jointly managed by CREAG and Bank J. Safra Sarasin.
The fully-let multi-tenant building is centrally located on Casuariestraat 5-35 in The Hague and is anchored by engineering firm DGMR. The complex offers 42 parking spaces and the top floor includes 10 residential units with an average floor space of approximately 64m². The purchase price was not disclosed.
Iris Goze and Jeroen van Maaren, Asset Managers at CIMB, said: “The performance of this asset has exceeded our original target, achieving an annual return of more than 12%. The capital can now be reinvested to secure assets that are more in line with the Fund’s current investment strategy. After a 10-year holding period, we are capitalising on the strong returns achieved for the Fund and taking advantage of European investor demand for well-let, high-quality office space with residential units.”