Hannover Leasing acquires office in The Hague

Hannover Leasing, a subsidiary of Corestate Capital, has acquired the New Babylon office complex in The Hague from local player Icon Real Estate.

Financial details were not disclosed.

Hannover Leasing said it had bought the asset, which is situated in The Hague's CBD, on behalf of Danish pension and insurance company PFA Pension.

Michael Bruhn of PFA said: 'Part of our investment strategy is to increase our property investments outside of Denmark, and with this in view this property fits in perfectly.

'The property is located in a unique position in The Hague and supports our focus on Western European markets where we are expecting a continued substantial leaseholder and investor demand.

'Overall, it is an attractive and long-term investment, which will be a strong supplement to our existing portfolio of housing and commercial properties in Denmark and abroad.'

Icon acquired the asset in 2015, when the property was a fashion-focused US-style mall. According to Icon, the shopping centre had been poorly conceived and was failing, while the office towers had significant vacancy.

Icon intensively redeveloped and repositioned the asset into a full-service complex, including a large conference and meeting centre, fitness facility and diverse food and beverage offerings.

As a result of the repositioning Icon said it had signed over 26,000 m2 of leases in the last 12 months, and was in advanced discussions with a number of additional office and service-area tenants for the remaining space.

Erik Moresco of Icon Real Estate said: 'We are proud to have completed its transformation into a thriving complex featuring best-in-class services and amenities for tenants and other users alike. That has been borne out by the strong and continued demand from high-quality tenants over the last year.'

New Babylon is located next to The Hague’s Central Station and the new home of the Dutch parliament, planned for delivery in 2020.

Icon executed the repositioning alongside its development joint venture partner G&S Vastgoed, with whom it also redeveloped the Atrium.

Hannover Leasing was advised by Colliers International. Icon was advised by CBRE, Rutgers & Posch, Deloitte, SGS Search and Osborne Clarke. 


Latest news

Best read stories