PingProperties becomes the sole owner of Churchillplein 1 in The Hague
12-02-2019
PingProperties has recently acquired the 5/8th share in its PingProperties Trophy Fund from one of its strategic investment partners. This means that PingProperties has now become the independent and sole owner of the building at Churchillplein 1 in The Hague, located in the heart of the International Zone in The Hague and home to an international court.
Since purchasing the building in 2008, PingProperties has owned a 3/8th share of this world-renowned building. With the acquisition of the remaining 5/8th, PingProperties is now the sole owner. This transaction illustrates PingProperties’ current strategy of acquiring a larger stake in funds under its own management.
This acquisition will enable PingProperties to undertake a large-scale redevelopment of this unique, city-centre position during the coming years.
Extending the finance
The building has been financed by FGH Bank since 2008. In mid-2018 this financing arrangement passed to RNHB, at which time it was also renewed and increased.
Churchillplein 1 in The Hague
The PingProperties Trophy fund I comprises a single building which houses an international court. This world-renowned and historic building has served since 1994 as an international court for the prosecution of those involved in war crimes and violations of international human rights during the Balkan wars in the 1990s.
The Hague is recognized around the world as the international city of peace, being home to around 131 international institutions and organizations with more than 14,000 employees. The Hague is therefore an important city for international organizations. Most of these organizations are found in the International Zone. Churchillplein 1 is centrally located in this zone, immediately adjacent to the International Criminal Court (ICC), the International Court of Justice, Eurojust, Europol, the Organisation for the Prohibition of Chemical Weapons (OPCW) and the European Patent Office. Main roads pass through the Zone to the city centre, the coast and the A4, A12 and A13 motorways, with good connections to Rotterdam, Utrecht and Amsterdam.
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