PingProperties launches the 8th corporate fund
26-01-2015
Recently PingProperties acquired from TenneT the ownership of the former head office of TenneT TSO in the Energy Business Park Arnhem for its new fund, the PingProperties Corporate Office fund VIII.
The complex
The complex consists of 4 linked buildings providing a total of 9,700 sqm of lettable floor area together with 180 parking spaces on freehold hand. This former head office of TenneT as owner-occupier had become available to let when TenneT moved to its new head office in the same Energy Business Park (also in portfolio of PingProperties).
The purchase also involves a long-term lease to DNV GL. DNV GL has its own high-tech test facilities on the south side of the park and has deliberately decided to remain at this strategic location. Its move to the new head office also enables it to bring together various smaller units in a single building.
Building combination BAM Giesbers has been contracted by the new owner to upgrade the complex and make it sustainable to give it a BREEAM in use EXCELLENT label and Energy Label A. The total renovation is expected to take around eight months. DNV GL will then move into the complex once the upgrade and sustainability work has been completed.
The fund
The PingProperties Corporate Office fund VIII is characterized by a stable and attractive return with a low risk profile due to the long-term lease of the complex to DNV GL. The fund has three participants, one of which is PingInvestors.
DNV GL
The predecessor of DNV GL (Energy) was the former Dutch company KEMA (Keuring Elektronische Materialen Arnhem), which was founded in Arnhem in 1927. KEMA has very strong ties with Arnhem and a rich history. It has occupied premises in the Energy Business Park Arnhem since 1931 (more than 80 years). In February 2012 KEMA merged with DNV (DNV KEMA) and in September 2013 with GL (DNV GL Group). Since then, the former KEMA has formed the energy division of DNV GL. Its expertise encompasses onshore and offshore wind energy, solar power, conventional energy generation, transmission and distribution, smart grids and the use of renewable energy, as well as the energy markets and regulatory matters. DNV GL has over 300 branches in more than 100 countries and an annual turnover of approx. € 2.5 billion.
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