Heren2 does Due Diligence New Babylon
Icon Real Estate has purchased the office and retail complex New Babylon from Den Haag BV, whose shares are owned by Propertize. Icon is the prime real estate portfolio of Victory Advisors and is focused on the Benelux.
The sold complex consists of two office buildings, City Offices (15,428 sqm) and Center Offices (18,611 sqm). The complex also contains a shopping center (11,429 sqm) located on the ground floor and first floor. The offices are leased to a.o. TNO and NLO. Tenants of the mall include Mango, Vero Moda, Cool Cat, AKO, SPAR and Gardens.
New Babylon, located directly next to The Hague Central Station, was completely renovated and expanded into a multi-functional and high-quality complex between 2003 and 2012 by Fortress. Two office buildings and two residential towers of 100 and 140 meters high were built around the original building and the shopping center has been expanded. The complex has undergone a true metamorphosis.
The whole complex covers 130,000 sqm of lettable floor space plus 1225 parking spaces. The residential towers have been sold already to Amvest and German investor Commerz Real had already signed 12,000 sqm of office space in 2010, the part that is leased to law firm Pels Rijcken & Drooglever Fortuijn.
Propertize (formerly SNS Property Finance) was not only financier of the project, but was also a co-investor. Last year Propertize took over the 50% share of Fortress for a symbolic sum of € 1 million. The developer Fortress continued as FRED.
The State put Propertize for sale as a whole, but apparently also sold individual projects from the portfolio. The selling price of New Babylon was not disclosed.
Besides the complex Icon has also acquired the TES installation. This installation provides heating and cooling to entire New Babylon, including the housing and the building of Leiden University College The Hague.
Victory Advisors was advised by Heren2 by conducting technical due diligence.
Click here for more information about the project.