PingProperties finalizes two financing arrangements

25-08-2015

Financing of DNV GL Energy
PingProperties has reached agreement with Berlin Hyp on the financing of the redeveloped head office of DNV GL Energy (formerly KEMA) which has been incorporated in the PingProperties Corporate Office fund VIII.

The complex comprises four interconnected buildings with a total lettable floor area of 10,250 m² and 180 accompanying parking spaces, located on freehold land. On the fund’s instructions the building consortium BAM Giesbers has upgraded the complex and significantly improved its sustainability to a BREEAM in use EXCELLENT label and Energy Label A. Over 1,100 m² of solar panels have been installed on the roof and the complex has a thermal energy storage system.

The complex was purchased at the end of 2014 and was delivered in June 2015 after it had been fully refurbished and its sustainability improved. DNV GL Energy is currently moving into its new head office.

Financing of Corporate Office fund V
PingProperties has negotiated a refinancing arrangement with ING for the PingProperties Corporate Office fund V. This fund includes the head offices of PLUS Retail in Utrecht and Towers Watson in Amstelveen, as well as the office of Canon Nederland in Den Bosch. The portfolio consists of high-quality office buildings let on long-term leases with a total of more than 21,000 m² of office space.

In order to take the best possible advantage of the low market rent, an additional facility for the purchase of the head office of Towers Watson and an extension of the existing loan have been included in the refinancing arrangement.

In total more than € 36 million was financed with these two financing arrangements, involving four office buildings.