PingProperties concludes new financing arrangement with Berlin Hyp for the Cascade complex in Groningen
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.
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.
PingProperties concludes agreement with Schiphol Commercial for the expansion of ibis Styles Amsterdam Airport hotel
PingProperties is concluding an agreement with Schiphol Commercial for an allocation under a ground lease to expand its ibis Styles Amsterdam Airport (ISAA) hotel at Piet Guilonardweg 3 in Schiphol Oost. It concerns a ground lease for approx. 4,000 m2 LFA which will enable the hotel to add around 127 extra guest rooms, bringing the total to 270 rooms once the extension has been completed. Planning permission has been submitted to the Municipality of Haarlemmermeer for its assessment. PingProperties expects to complete the hotel extension in mid-2025.