Cromwell sells three office buildings in Netherlands

Cromwell sells three office buildings in Netherlands

Real estate investor and manager Cromwell Property Group has sold three office buildings totalling 12,807 sqm in Netherlands from the Hummingbird portfolio it manages on behalf of Goldman Sachs.

Bordewijklaan 18 is a 7,634 sqm office building including 86 parking places situated in the the Mariahoeve district near the Centre of The Hague. The ten-storey property is easily accessible via various transport routes including bus, train and tram. In June 2019 the lease with single tenant Total E&P Nederland B.V. /Total Funding Nederland B.V. was successfully renewed. After the renewal the property was sold to a private local investor.

Themis Vastgoedpartners B.V. advised tenant Total on the lease renewal and COG Makelaars advised Cromwell on the sale of the Bordewijklaan asset.

Siriusdreef 1-15 and Siriusdreef 17-27 are located in Beukenhorst Oost business park in Hoofddorp, a town south-west of Amsterdam and close to Schipol Airport. Since taking over the management of the buildings, Cromwell has increased occupancy from 17% to 87% in Siriusdreef 1-15 and fully let Siriusdreef 17-27. Tenants include Regus, Stiching Onderwijs Advies and Zorg van de Zaak.

BT Makelaars advised Cromwell during the sale of both asset in Hoofddorp. Skyline Vastgoed advised the purchaser, Mayflower Netherlands.

The purchase price was not disclosed.

“These buildings are prime examples of Cromwell strength to take assets and improve income and capital value by implementing structured asset management programmes, tailored to the local occupier markets. At Bordewijklaan, Cromwell worked closely with the incumbent occupier Total E&P Nederland B.V. /Total Funding Nederland B.V. to make several improvements prior to them extending their lease,” said Wouter Zwetsloot, Head of Benelux at Cromwell Property Group.