Warburg-HIH Invest sells office building in The Hague to Corpus Sireo
Warburg-HIH Invest Real Estate (Warburg-HIH Invest) has sold the Haagsche Hof office building in The Hague to Corpus Sireo through an asset deal.
The property, built in 1996, has a gross lettable area of some 10,900 square metres and 298 parking spaces. The primary tenants in the building at Parkstraat 83-91 are Regus, a co-working company, and Schlumberger, the world’s largest oilfield services provider. Warburg-HIH Invest acquired the multi-tenant building in 2012 for a pan-European special AIF. The parties have agreed not to disclose the price of the sale.
“We succeeded in significantly improving the tenant structure and rental income through continuous re-letting,” says Reinoud Plantenga, Managing Director Warburg-HIH Invest Real Estate Benelux. “What’s more, we were able to leverage the market and the very limited supply situation at the moment to realise value gains through a successful sale.” Warburg-HIH Invest rented around 1,600 square meters to NVAO (Accreditation Organisation of the Netherlands and Flanders) in 2019. The occupancy rate is 89 per cent.
The property was sold as part of a structured bid process, with CBRE providing commercial and technical advice and NewGround Law providing legal advice on the seller’s side.