PingProperties launches PingProperties Corporate Office fund IV
22-04-2011
With the introduction of the PingProperties Corporate Office fund IV, PingProperties is launching a new fund again. It will incorporate the high-quality Cascade office complex in Groningen, bought today from ING Vastgoed Ontwikkeling B.V.
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.
The office complex
The Cascade office complex has a perfect location and consists of four beautiful linked buildings, hence its name, as Cascade means ‘arranged in a serie’. It is situated in the centre 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. The annual rent is approx. 4.2 million euro.
Cascade accommodates eight different government services, namely the Groningen archives, the Child Care and Protection Board, the Spatial and Economic Policy Department, the Noord/Groningen Department, the Groningen Regional Office, SZW/SIOD, the VROM Regio Noord Inspectorate and the Central Information Centre for Healthcare Professions. In the surrounding buildings are offices of institutions such as Kadaster Groningen, the Social Insurance Bank and numerous other government agencies.
Sustainability
Together with the Government Buildings Agency, PingProperties will work on making the office complex more sustainable. The aim is to achieve an energy label B for the complex, with a service level agreement to support the sustainability targets. 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.
The Government Buildings Agency
The Government Buildings Agency forms part of the Ministry of the Interior and Kingdom Relations and is responsible for the accommodation of central government institutions. The Agency provides suitable, sustainable and safe housing for ministries, government agencies and international organizations.
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