German fund manager Commerz Real has acquired the first 12,000-m[sup]2[/sup] office building at the New Babylon development project in The Hague. The vendor is Babylon Den Haag, a joint venture between SNS Property Finance and Dutch property firm Fortress. The financial details of the transaction were not disclosed.
German fund manager Commerz Real has acquired the first 12,000-m2 office building at the New Babylon development project in The Hague. The vendor is Babylon Den Haag, a joint venture between SNS Property Finance and Dutch property firm Fortress. The financial details of the transaction were not disclosed.
The property is fully leased for 15 years to legal firm Pels Rijcken & Droogleever Fortuijn Advocaten en Notarissen.
Babylon Den Haag said the transaction underlined the interest among international investors in New Babylon, which will comprise 22,000-m2 of office space, commercial space and 1,200 parking spaces. The redevelopment and expansion of New Babylon near the city's central train station is a key component of the larger revitalisation of the centre.
Commerz Real was advised in the transaction by Houthoff Buruma inThe Hague, Van Gool Elburg Vastgoedspecialisten and PwC, Amsterdam.
