German investment group NordCapital has acquired the Facet office project in the Netherlands from ING Real Estate Development. The financial details were not disclosed but it is believed the investment volume was EUR 65 mln.

The 22,000-m2 office scheme with 434 parking spaces overlooks the A2 in the Utrecht Leidsche Rijn region. The project is already fully leased.

NordCapital is contributing the property to its Dutch real estate fund Verwaltung NordCapital Immobilienfonds Niederlande 11.

Facet is being developed in two phases. The first phase comprising 12,000 m2 of space was delivered last year and is leased on a long-term basis to Mediq, an international medical and healthcare product provider. The second phase, with 10,000 m2 of space, is due for delivery in mid-2010 and is let on a long lease to software giant Oracle.

ING RED was advised by Jones Lang LaSalle during the entire sales process, with Houthoff Buruma providing legal advice. NordCapital was advised by Stephan makelaars and Cushman & Wakefield. Westpoort was NordCapital's legal adviser with technical support from CVO Group.