PingProperties extends lease with UWV for Cascade complex

30-04-2020

PingProperties has recently extended the lease with the Employee Insurance Agency, better known as the UWV, for the Cascade complex at Cascadeplein 1 in Groningen. This now brings the total floor area let to the UWV to 4,862 sqm.

The UWV has been a major and permanent lessee of the Cascade complex in Groningen for many years. It recently announced its wish to expand in the region and settled on the location in Groningen. This prime location is operated with several government related lessees (Central Government Real Estate Agency (RVB), the UWV and the Land Registry) on long-term leases. PingProperties Corporate Office fund IV now owns seven of the nine Cascade buildings. The entire Cascade complex is made sustainable to achieve Energy Label A.

Cascade complex
The Cascade complex is situated at a unique location adjacent 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, and in the years that followed, the other buildings were purchased in two transactions, so that almost the entire complex is now owned by the fund.