German fund manager Real IS has completed the acquisition of De Kroon office and retail scheme in The Hague.
German fund manager Real IS has completed the acquisition of De Kroon office and retail scheme in The Hague.
The investment volume amounted to €38 mln. Real estate adviser Savills and law firm Loyens & Loeff acted for Real IS.
Clive Pritchard, head of Savills in the Netherlands, said: 'The award-winning De Kroon development is a quality scheme well positioned in the heart of The Hague. This sale is evidence of ongoing demand by investors and occupiers alike for class A office and retail space in this market.'
The vendors were MAB Development and Haag Wonen.
The property, located between Central Station and the city centre, encompasses a mix of 2,400 m2 of retail space, 9,000 m2 of offices and around 200 parking bays.
All the space was fully rented out at the time of sale. The 9,000 m2 of offices is being used by Damco and APM Terminals, both of which have their European headquarters in De Kroon.
The 2,400 m2 of retail space has been rented out to supermarket Albert Heijn and budget store Action. Both shops are situated on the new and most important pedestrian axis between the Central Station and the city centre. The parking garage with 208 bays was rented out to P1 from 1 May.
De Kroon is a development by Wijnhavenkwartier Ontwikkeling, a joint venture between MAB Development and Haag Wonen housing corporation. The development consortium was advised in this transaction by Houthoff Buruma.