Hannover Leasing acted as transaction manager in the acquisition of the well-known `Post Office Building´ in the center of The Hague from development group LIFE for a fund managed by Perial. For Perial, it is the largest single transaction to date outside of France, with a total investment volume of over 100 million euros. The anchor tenant of the monumental office building, which is currently undergoing extensive refurbishment until mid-2021, is the Dutch postal service PostNL, which will create its new headquarters there.
Pullach, December 22, 2020. Hannover Leasing, a subsidiary of Corestate Capital Group (Corestate), acted as transaction manager in the acquisition of the well-known `Post Office Building´ in the center of The Hague from development group LIFE for a fund managed by Perial. For Perial, it is the largest single transaction to date outside of France, with a total investment volume of over 100 million euros. The anchor tenant of the monumental office building, which is currently undergoing extensive refurbishment until mid-2021, is the Dutch postal service PostNL, which will create its new headquarters there.
Nils Hübener, Chief Investment Officer of Corestate: “The Post Office Building, located in the sought-after HS Quarter, is representative of the fact that we offer our clients excellent access to the best investment properties in A-locations of European cities. The prospects for a sustained increase in the property’s attractiveness and profitability are particularly good, not only because of the long-term commitment of reputable tenants. It is also located in a rapidly developing city quarter that will be geared towards urban mixed-use living and working requirements for future generations.”
Built in 1939, the historic property is a former post sorting center and has long been a defining landmark within The Hague’s city center. Finally, the ‘Post Office Building’ is the result of a transformation into a prime office building in a prominent urban location next to Hollands Spoor station, where LIFE and partner companies will develop approximately 245,000 sq.m of mixed-use space in the coming years.
With completion of the extensive modernization works, the property will take a pivotal role in the district’s development with its focus on sustainability, health and user well-being. ‘Post Office Building‘ will offer modern office space including a large atrium with a total leasable area of around 25,000 sq.m, of which PostNL is leasing 19,000 sq.m and 6,000 sq.m being let by Belgian co-working provider Fosbury & Sons. The leases run for 15 years each.
JLL acted as buy-side advisor on the transaction, legal advice for the purchaser was provided by Nauta Dutilh/Greenberg Traurig and technical expertise by CVO Group. LIFE was advised by Fakton Capital, SENS Real Estate and Van Doorne.
About CORESTATE Capital
CORESTATE is an investment manager and co-investor with around € 28 billion in assets under management. The company sees itself as a manager for the entire length of the real estate value chain. Thanks to its fully integrated real estate platform, it is able to offer investors a wide range of services, especially the opportunity to invest in large-scale societal trends such as urbanisation, demographic shifts or sustainability – trends that will continue to have a decisive influence on the living and working environment in the long term. The consistent focus on asset classes that will be successful in the long run constitutes a central cornerstone of the company strategy. At CORESTATE, all concepts are supported with ESG expertise that is unique to the industry. With some 800 experts, CORESTATE offers clients and investors a full range of services and consultation from a single source, from project financing and real estate management to sales. CORESTATE is listed on the Frankfurt Stock Exchange (SDAX) and operates as a respected business partner for institutional and semi-institutional investors as well as high-net-worth private investors in 13 countries across Europe, with offices in Frankfurt, Vienna, Zurich, Paris, Madrid and London.
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