PATRIZIA AG, the global partner for pan-European real estate investment, announces that it has acquired nine freehold office buildings in the centre of The Hague, on behalf of a client, from Onderlinge Levensverzekering-Maatschappij ‘s Gravenhage U.A.
The portfolio, which is completely vacant, offers a total gross lettable area of ~8,500 sq m 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.
PATRIZIA 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 then 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 only 7.3% (source: CBRE).
Located in the historic centre of The Hague, the Netherland’s political capital and the second largest office market after Amsterdam, the assets are in in close proximity to the Dutch Parliament, Peace Palace and a number of embassies. They also offer easy access to nearby amenities including cafes, restaurants and shops.
Source : Company