Patrizia acquires Hague office portfolio with value-add potential

German property giant Patrizia has announced the acquisition of nine freehold office buildings in the centre of The Hague, on behalf of a client, from Onderlinge Levensverzekering-Maatschappij ‘s Gravenhage U.A.

Financial details were not disclosed.

The portfolio, which is completely vacant, offers a total gross lettable area of 8,500 m2 and in addition a private garden, 79 parking spaces and bicycle storage. Eight of the buildings are listed, having been constructed in the 1860s, whilst the ninth asset was completed in 2003.

In a statement, Patrizia said that it has identified an opportunity to implement a comprehensive redevelopment programme, which will preserve the cultural heritage of the buildings and create modern, high quality office space with new amenities and plenty of character.

Patrizia will seek to lease up the space, capitalising on the strong demand from a variety of occupier types, including government institutions, services, technology and media businesses, for Grade A office stock in The Hague where current office vacancy is 7.3%, according to data from CBRE.

Emile Poort, head of Transactions Patrizia Benelux, commented: 'This acquisition demonstrates the strong appetite that exists amongst our investors for value-add investment opportunities in the Netherlands. Strongly aligned to our strategy of identifying properties with upside potential in established and developing locations where occupier demand is strong, this portfolio presents a compelling opportunity and also grows our Dutch development platform.'

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