PingProperties launches PingProperties Corporate Office fund III
On 28 March PingProperties took ownership of the office complex of AkzoNobel and Teijin Aramid in Arnhem for its new fund, the PingProperties Corporate Office fund III. The parties reached agreement on the unconditional transaction in December 2011.
The PingProperties Corporate Office fund III is characterized by a stable and attractive cash return with a low risk profile, due to the fact that the properties have been leased for the long term to two highly reputable lessees: AkzoNobel and Teijin Aramid. The fund comprises four participants, one of which is PingInvestors. PingInvestors, which also manages PingProperties, is a regular co-investor in new PingProperties funds.
The complex accommodates AkzoNobel Nederland and its worldwide shared service activities as well as the European head office and pilot plant/research facility of Teijin Aramid. The complex is located in the centre of Arnhem and has been associated with AkzoNobel for more than one hundred years, when the company was still known as the Eerste Nederlandse Kunstzijdefabriek Arnhem. The surrounding area has a prestigious character thanks to the historic office villas on Velperweg. The entire property comprises four main buildings and one building with redevelopment potential. The complex occupies a total of 6 hectares of freehold land and 70,000 sqm of lettable floor area.
AkzoNobel is one of the world’s leading industrial companies. Its head office is in Amsterdam and the company produces a wide range of paints, coatings and specialist chemicals. In 2010 its total pro forma turnover was around 15 billion euro. AkzoNobel is in fact the largest paint and coatings producer in the world. As an important manufacturer of specialist chemicals, it supplies industries throughout the world with quality ingredients for products essential to human life. The company looks to the future, but does business in the present. AkzoNobel is passionate about introducing new ideas and developing sustainable solutions for its customers. That is why its 55,000 employees – active in more than 80 countries – focus on excellence and supplying ‘Tomorrow’s Answers Today’.
Teijin Aramid is part of the de Teijin Group, a technologically driven group which is active worldwide and listed on the stock exchanges of Tokyo and Osaka. The Teijin Group supplies synthetic fibres, films, plastics and pharmaceutical products as well as products for the healthcare industry, information technology, trade and the retail sector. Around 19,000 people worldwide are employed by the group in some 160 subsidiaries.
Since the purchase of Teijin Aramid by Teijin Group in 2000, significant structural investments have been made in the company. Production has been expanded four times in six years, leading to an increase of more than 100% compared to 2000 levels. Including the acquisition in 2000, Teijin has invested a total of 1 billion euro in Teijin Aramid, making Teijin a substantial investor in the Dutch economy.
PingProperties extends lease with Gall & Gall in Carnisse Veste shopping centre in Barendrecht
PingProperties has recently extended the lease with Gall & Gall (Ahold) for the long term. The lease is for approximately 223 m² of retail space on the ground floor of the covered arcade at Van Beuningenhaven 9.
RVB renews lease and expands in the Cascade complex in Groningen
PingProperties has concluded a lease with the Central Government Real Estate Agency (Rijksvastgoedbedrijf – RVB) for approx. 13,500 m² in the Cascade complex in Groningen. Besides the complex’s central location near the station and its architectural and structural quality, the sustainability improvements are a major reason for the RVB to commit itself to the complex for the longer term. The renewed lease is for approx. 8,600 m2 of office space and 70 parking spaces at Cascadeplein 8-10, with the addition of approx. 4,870 m2 of office space and 69 parking spaces at Cascadeplein 1-3. This means that the Cascade complex is now fully let.
PingProperties concludes new lease with food retailer Eat Kip for Passage Schiedam shopping centre
PingProperties recently concluded a 5-year lease with food retailer Eat Kip for approx. 200 m² GFA in Passage Schiedam shopping centre. Eat Kip’s business will be at a prominent location in the unit directly next to the entrance from Broersvest.