AEW today announced that it has acquired an office building, the HeadQuarter, in The Hague, the Netherlands, on behalf of AEW Europe Value Investors II (EVI II) fund.
AEW said the transaction is the Fund’s third investment in the Netherlands, following the acquisition of the Boompjes and Vasteland assets in Rotterdam earlier in the year.
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The eleven-storey office building in The Hague was constructed in 2002 and comprises 16,000 sqm of leasable space and 216 parking spaces and is 97% let to 6 tenants with two thirds of the income linked to the government and municipality. The asset benefits from an inner garden, a restaurant, terraces on the higher floors and is certified as BREEAM Very Good.
HeadQuarter is located on Wilhelmina van Pruisenweg on the fringe of the CBD and within the newly created Central Innovation District (CID). The property benefits from excellent local and international transport links, situated just beside the “Laan van NOI” train station and with easy access to the A12, A4 and A13 motorways with direct links to Schiphol airport.
“This acquisition is a unique opportunity to acquire a fully let office asset below replacement value. The Hague is experiencing low vacancy rates for office stock, which combined with the short remaining lease term make this an attractive opportunity for the Fund to capture upside potential,” said Carsten Czarnetzki, Fund Manager of EVI II at AEW.
“This transaction further expands our footprint in the Netherlands and demonstrates our ability to leverage our local expertise to source attractive investment opportunities,” added Frederique Weber, Country Manager for The Netherlands at AEW.
AEW was advised by Greenberg Traurig and Spring, and the vendor by Cushman & Wakefield and Houthoff.