Cascade complex in Groningen refinanced with Berlin Hyp
10-01-2020
PingProperties recently concluded a refinancing deal for the Cascade complex in Groningen on behalf of the PingProperties Office fund IV. The existing financing was already arranged with Berlin Hyp and is being continued in the same manner. PingProperties arranged this extension of the fund’s financing itself. The complex has a floor area of approx. 34,187 m² and 341 parking spaces. The sustainability of the complex will be further improved in 2020 to achieve Energy Label A throughout.
Cascade complex
The Cascade complex is situated at a unique location right next to Groningen Central Station. The complex is the largest multi-tenant government building in the Netherlands and accommodates 17 different government agencies. PingProperties Corporate Office fund IV has a large part of the Cascade complex in its portfolio. The first part was purchased in 2011, followed by a second part in 2015. This prime location is operated with several triple-A lessees (Central Government Real Estate Agency (RVB), the Employee Insurance Agency (UWV) and the Land Registry) and is leased for the long term. PingProperties Corporate Office fund IV now owns seven of the nine Cascade buildings. This consistent strategy has enabled PingProperties to add sustainable value to the Cascade complex, so that by the end of 2020 all of the complex will comply with Energy Label A.
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