TH Real Estate buys Dutch office from Capreon

TH Real Estate has acquired an office building in The Hague from private UK property firm Capreon for its European Cities Fund.

Financial details were not disclosed, but market sources put the purchase price at around €70 mln. The deal represents the 12th acquisition for the fund.

 The 20-storey office building, known as De Haagsche Zwaan (The Swan), is located in the Beatrixkwartier business district and comprises around 18,500 m2 of space and 237 parking spaces. It is fully let to international occupiers including blue-chip companies such as Deloitte, Kuwait Petroleum and Royal Haskoning DHV.

Capreon, the property firm founded last year by the Noé group, purchased the property in December 2017 from German fund manager Union Investment for €48 mln, representing its first deal in the Netherlands.

Raphael Noé, partner and head of European property at Capreon, commented: ‘This disposal delivers excellent value to our investors and is testament to the strength of this landmark asset. The Dutch office sector is performing well, and we are continually looking for investor value in this market. We remain focussed on delivering on our European strategy, making the most of current dynamics and capital flows within the continental market.’

The European Cities Fund (ECF) is part of TH Real Estate’s resilient global cities series, which focuses on investing in high-quality assets in leading cities that are well-positioned in terms of long-term structural trends, including demographic change, urbanisation and technology.

Liz Sworn, fund manager of ECF at TH Real Estate, said: ‘With its excellent location and strong covenant, this property perfectly fits the strategy of the fund. Our bespoke cities research approach has highlighted The Hague as a city that is set to benefit from positive population growth, high quality of life and inward migration, giving it a favourable score for long-term investment.’

Capreon was advised on the deal by Deloitte and law firm CMS while TH Real Estate was represented by NL real estate - Knight Frank, Loyens & Loeff, Allen & Overy, EY and Arcadis. NL Asset Management will remain the asset manager of the building.  



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