Development company De Monarch - a joint venture of Provast and ASR Vastgoed Ontwikkeling - has reached agreement with German open-ended fund manager Union Investment Real Estate on the sale of the first building in the De Monarch plan for the Prinses Beatrixlaan in The Hague. The first building comprising roughly 18,000 m2 office space is being realised in the heart of the Beatrix district in the Central Business District with a price tag believed to be in the vicinity of EUR 60 - 80 mln.

The redevelopment and extension of the existing Monarch building, which is leased to CAK, will receive a BREEAM Excellent certificate. The building, designed by KCAP Architecten & Planners, is scheduled for completion by end-2011.

Clifford Chance and Savills represented Union Investment in the transaction. Loyens & Loeff and Nadorp Bedrijfsmakelaars acted for the developers.