Cromwell sells 3 Dutch assets from Hummingbird portfolio

Real estate investor and manager Cromwell Property Group has completed the disposal of three buildings in the Netherlands from the Hummingbird portfolio it manages on behalf of Goldman Sachs.

Although financial details were not disclosed, market sources say the deal amounted to around €21 mln.
The three buildings total around 12,807 m2. Bordewijklaan 18 is a 7,634 m2 office building including 86 parking places situated in the the Mariahoeve district near the centre of The Hague. In June 2019 the lease with single tenant Total E&P Nederland/Total Funding Nederland was successfully renewed. After the renewal the property was sold to a private local investor.
Siriusdreef 1-15 and Siriusdreef 17-27 are located in Beukenhorst Oost business park in Hoofddorp, a town south-west of Amsterdam and close to Schiphol Airport. Since taking over the management of the buildings, Cromwell has increased occupancy from 17% to 87% in Siriusdreef 1-15 and fully let Siriusdreef 17-27. Tenants include Regus, Stichting Onderwijs Advies and Zorg van de Zaak.
Wouter Zwetsloot, head of Benelux at Cromwell Property Group, commented: 'These buildings are prime examples of Cromwell's strength to take assets and improve income and capital value by implementing structured asset management programmes, tailored to the local occupier markets.'


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