A joint venture between CBRE Global Investors and ASR Real Estate has acquired two residential towers in The Hague from developer Provast.
Financial details were not disclosed, but market sources put the combined purchase price at €180 mln.
The two properties have been acquired for the CBRE Dutch Residential Fund and the ASR Dutch Core Residential Fund. They comprise 655 rental apartments, commercial space and 240 underground parking spaces.
Designed by Winy Maas of architecture firm MVRDV, the buildings are 100 metres and 120 metres in height respectively and are located on the Grotiusplaats, close to The Hague’s city centre and central railway station. Most of the apartments are in the mid rental segment.
Completion of the project is scheduled for mid-2021.
CBRE Global Investors and ASR were advised on the transaction by Houthoff, while CBRE’s Residential Capital Markets team and Loyens & Loeff acted for Provast.