PingProperties concludes new financing arrangement with Berlin Hyp for the Cascade complex in Groningen
05-01-2016
PingProperties has finalized a new financing arrangement with Berlin Hyp for the PingProperties Corporate Office fund IV amounting to € 32 million. This fund incorporates the Cascade complex in Groningen, comprising a total of 34,187 m² of office space and 341 parking spaces. Finance has been arranged for 3 years, the term expiring in December 2018. This means that the previous finance with FGH Bank has been repaid.
The office complex
The Cascade complex is situated at a unique location in the centre of Groningen, directly opposite the central station. The complex is characterized by its government-related lessees, which have been accommodated here since the complex was built in 1997-2000, as well as the excellent quality of the buildings. These government agencies have taken out long-term leases for the buildings. PingProperties Corporate Office fund IV (started in 2011) now owns seven of the nine Cascade buildings.
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