PingProperties launches a new corporate fund

08-01-2015

Recently PingProperties signed, for the new PingProperties Corporate Office Fund IX, the unconditional purchase contract with Siemens Nederland to acquire the ownership of the Siemens Complex in Zoetermeer. The sale of the complex is in keeping with Siemens’ strategy to wind down its total property portfolio worldwide.

The complex is located right next to the A12 motorway and covers an area of 130,000 m², on which there are ten buildings with a total of 41,475 m² lettable floor area and 731 parking spaces. These buildings contain office space as well as high-quality business and production space. Siemens will lease back around 8,500 m² of office and business space on a long lease. Other major lessees are also located here, including Atos and Teleplan.

Tech Campus
PingProperties will transform the complex into the Tech Campus for innovative businesses in ICT and technology. The transformation will involve substantial investment in a range of amenities and facilities for lessees and visitors of the campus. PingProperties has already been in discussions on this for several months with the Municipality of Zoetermeer. Besides its excellent location along the A12 motorway, accessibility by public transport will also be significantly improved, as the Tech Campus will be getting its own RandstadRail and railway station in 2018.

The fund
The PingProperties Corporate Office fund IX is characterized by high rent flows and the opportunity to add value by exploiting the development potential of almost 60,000 m². PingProperties already envisages a number of scenarios within the concept of the Tech Campus. In addition, the fund has a low risk profile thanks to the high underlying land value. The fund comprises three participants, one of which is PingInvestors. PingInvestors, which is also the management of PingProperties, is a permanent co-investor in a new PingProperties fund.

Siemens
Siemens AG is an international organization and one of the largest electronics and technology companies in the world. Its activities focus mainly on industry, energy, infrastructure, cities and healthcare. Siemens employs some 357,000 people worldwide in more than 190 countries, 2500 of these in the Netherlands. The company’s turnover in the 2013/2014 split financial year was € 71.9 billion, a large part being achieved with new, sustainable technological products. In order to maintain this rate of innovation, some EUR 4 billion is spent each year worldwide on research & development.