PingProperties sells Tango portfolio

11-07-2018

PingProperties has recently sold its Office Fund III, known in the market as the Tango portfolio, to a foreign institutional investor.

The Tango Properties C.V. portfolio consists of 9 high-quality office buildings totalling 60,000 m2, all situated at prime locations in medium-sized cities throughout the Netherlands (Maastricht, Eindhoven, Den Bosch, Arnhem and Zwolle). The largest buildings in the portfolio are let to VodafoneZiggo, Heijmans, Deloitte and AKD.

Sustainable and on long-term leases
PingProperties purchased the portfolio in 2010 with the aim of taking advantage of the impending market recovery at that time. Since acquiring the fund, PingProperties has focused on building up and extending relationships with existing lessees and improving the sustainability of the buildings. This has resulted in high occupancy levels and a relatively long average lease terms (7 years), as well as good performances regarding sustainability (energy label B). All these efforts have enabled PingProperties to achieve a good result with this exit.

PingProperties was assisted in this transaction by Savills and DLA.