Sale PingProperties Office fund II portfolio to Archon
23-12-2014
PingProperties has transferred its multi-tenant portfolio PingProperties Office fund II (Omega Properties C.V.) to Hummingbird B.V. Hummingbird B.V. is part of Archon Group, a global investment organization and subsidiary of Goldman Sachs. The sale involves 24 office buildings distributed throughout the Netherlands.
The sale of this portfolio is in keeping with Ping Properties’ changing growth strategy, focusing on single-tenant assets with long-term leases to corporate organizations. PingProperties and its investors have decided to focus more on cash flow management with corporate assets. PingProperties aims to strengthen these positions through high-quality management of critical mass in its corporate assets, while achieving solid cash returns and a healthy growth in value.
PingProperties now has seven Corporate Office funds and will add three new corporate funds to the portfolio in early 2015. The total value of the portfolio of PingProperties will be approximately € 700 million in early 2015.
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