PingProperties Corporate Office fund IV definitively launched
01-11-2011
As of 1 November PingProperties has obtained the ownership of the Cascade office building for the new fund ‘PingProperties Corporate Office fund IV’. On 22 April 2011 an unconditional purchase agreement was already signed with seller ING Vastgoed Ontwikkeling B.V..
The office complex
The Cascade office complex consists of four beautiful linked buildings and has a perfect location in the center of Groningen, next to the main railway station at Cascadeplein 2-10. The buildings have a lettable floor area of about 21,000 sqm; and 153 parking spaces.
Tenant of the Cascade complex is The Government Buildings Agency, which forms part of the Ministry of the Interior and Kingdom Relations and is responsible for the accommodation of central government institutions. The Cascade complex has a strategic location, by its central location in Groningen directly to the Central Station. Cascade accommodates eight different government services.
The fund
The PingProperties Corporate Office fund IV has a low risk profile because Cascade has been let to the Government Buildings Agency under a very long lease. The fund offers participants a long-term inflation-proof Triple A related cash yield of at least 8% a year, to be realized by PingProperties through its fund and asset management. One of the three fund participants is PingInvestors. PingInvestors, which also conducts the management of PingProperties, is a regular co-investor in a new PingProperties fund. As a result the funds are managed in an extremely critical and creative manner.
Sustainability
Together with the Government Buildings Agency, PingProperties will work on making the office complex more sustainable. PingProperties believes in existing buildings and, together with the other stakeholders, will make an effort to ensure that this complex provides pleasure to users, owners, stakeholders and the surrounding area for at least 50 years.
This demonstrates that with an overall sustainability vision and open contacts with the lessee, existing properties can be turned into long-term investment solutions.
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