PingProperties Corporate Office fund IV strategically expanding its position in Groningen
05-06-2014
PingProperties has reached agreement with the vendor Tasman Properties on the purchase of two office buildings on Cascadeplein in Groningen. PingProperties has owned four properties on Cascadeplein since 2011 and is now extending its ownership with two adjacent buildings. The purchase will be concluded on a full-equity basis, without financing. The transfer of the properties will take place in the third quarter of 2014.
The Cascade office complex is situated at a unique location in the centre of Groningen, immediately next to the central station. The complex is characterized by government-related lessees, which have occupied the complex since its completion in 1997-2000. The Government Buildings Agency (Rijksgebouwendienst) is the largest lessee in the complex, which it uses as a flexible, multi-tenant office building for a range of government bodies. This is also the use which the Dutch government is looking to achieve in its recently adopted Master Plans. The lease with the Government Buildings Agency is for the long term.
With the purchase of the adjacent buildings, the size of the fund has expanded by around 9,500 m² of lettable floor area, bringing the total owned by PingProperties Corporate Office fund IV to over 30,000 m² lfa. The purchase represents a strategic expansion with a clear vision for the future. PingProperties is strongly in favour of existing buildings at strategic station locations, and aims to demonstrate that this complex will give many years of pleasure to users, owners and the surrounding area.
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