PingProperties launches PingProperties Corporate Office fund III
29-03-2012
On 28 March PingProperties took ownership of the office complex of AkzoNobel and Teijin Aramid in Arnhem for its new fund, the PingProperties Corporate Office fund III. The parties reached agreement on the unconditional transaction in December 2011.
The fund
The PingProperties Corporate Office fund III is characterized by a stable and attractive cash return with a low risk profile, due to the fact that the properties have been leased for the long term to two highly reputable lessees: AkzoNobel and Teijin Aramid. The fund comprises four participants, one of which is PingInvestors. PingInvestors, which also manages PingProperties, is a regular co-investor in new PingProperties funds.
The complex
The complex accommodates AkzoNobel Nederland and its worldwide shared service activities as well as the European head office and pilot plant/research facility of Teijin Aramid. The complex is located in the centre of Arnhem and has been associated with AkzoNobel for more than one hundred years, when the company was still known as the Eerste Nederlandse Kunstzijdefabriek Arnhem. The surrounding area has a prestigious character thanks to the historic office villas on Velperweg. The entire property comprises four main buildings and one building with redevelopment potential. The complex occupies a total of 6 hectares of freehold land and 70,000 sqm of lettable floor area.
AkzoNobel
AkzoNobel is one of the world’s leading industrial companies. Its head office is in Amsterdam and the company produces a wide range of paints, coatings and specialist chemicals. In 2010 its total pro forma turnover was around 15 billion euro. AkzoNobel is in fact the largest paint and coatings producer in the world. As an important manufacturer of specialist chemicals, it supplies industries throughout the world with quality ingredients for products essential to human life. The company looks to the future, but does business in the present. AkzoNobel is passionate about introducing new ideas and developing sustainable solutions for its customers. That is why its 55,000 employees – active in more than 80 countries – focus on excellence and supplying ‘Tomorrow’s Answers Today’.
Teijin Aramid
Teijin Aramid is part of the de Teijin Group, a technologically driven group which is active worldwide and listed on the stock exchanges of Tokyo and Osaka. The Teijin Group supplies synthetic fibres, films, plastics and pharmaceutical products as well as products for the healthcare industry, information technology, trade and the retail sector. Around 19,000 people worldwide are employed by the group in some 160 subsidiaries.
Since the purchase of Teijin Aramid by Teijin Group in 2000, significant structural investments have been made in the company. Production has been expanded four times in six years, leading to an increase of more than 100% compared to 2000 levels. Including the acquisition in 2000, Teijin has invested a total of 1 billion euro in Teijin Aramid, making Teijin a substantial investor in the Dutch economy.
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