UBS Asset Management buys BOLD office property on Strijp-S in Eindhoven
UBS Asset Management (UBS-AM) Real Estate & Private Markets (REPM) has acquired the BOLD office property in Eindhoven in the Netherlands on behalf of an institutional mandate managed from Geneva, Switzerland.
The building (9,700 sq m and 72 parking spaces) is being developed by Spoorzone BV Architecture firm – Kraaijvanger is responsible for the design with SDK Vastgoed (VolkerWessels) leading the development for Spoorzone BV.The first piles were driven in November 2020 and the property is expected to be completed in the second quarter of 2022, after which the actual sale and delivery of the building will take place.
Douwe Vermeulen, Transaction Manager Real Estate at UBS-AM REPM, says: “The office property will be built at the top of Strijp-S on the city-centre side. BDO Accounts & Adviseurs have signed a long-term rental lease and will occupy approximately 65 per cent of the building after delivery, providing a secure income for the underlying client.”
Strijp-S is Philips’ former industrial estate in the city of Eindhoven. The approximately 27-hectare area is currently being redeveloped. VolkerWessels has been part of this process since 2002. Strijp-S was formerly known as the Forbidden City and was off-limits to the public, as many Philips products were invented there. Together with its partners, the municipality of Eindhoven, Trudo and Woonbedrijf, VolkerWessels is transforming the former industrial site into the place to be: a lively residential and office district. Many creative entrepreneurs and new residents have already settled there. In total, around 3,000 homes and 120,000 sq m of offices/commercial real estate will be built in the area. The redevelopment of Strijp-S is expected to be finished by 2030.
UBS-AM was advised by Van Gool Elburg (commercial), Clifford Chance (legal and tax) and SGS (technical). Spoorzone sought legal counsel from AKD Benelux Lawyers.