Press Release – 90 North acquires Mercedes-Benz new Dutch HQ in Holland
90 North Real Estate Partners LLP (“90 North”) acting as Property and Investment Adviser has acquired from Laaggraven Investments B.V. the new Mercedes-Benz (‘Mercedes’) Dutch HQ in Nieuwegein, Utrecht for a private investor in a transaction worth €27.9M.
The Property has been substantially remodelled and redeveloped over last 12-months to provide 12,273 Sqm of office space over 5 floors with substantial car parking both within and in proximity to the property. Mercedes Dutch HQ has been in Utrecht since 2003.
Mercedes will initially occupy approx. 70% of the property.
Lisa Amin, Head of Continental Europe at 90 North, commented:
“This acquisition fits with 90 North’s investment theme of acquiring new or redeveloped ‘work & play’ HQ offices that meet the needs of employers seeking not only to attract and retain talented staff but also to boost productivity by a healthy, vibrant and substantially open-plan workspace boosting staff collaboration and productivity”.
Nick Judd, Founder Partner at 90 North commented:
“90 North has already completed the acquisition of two properties in the Netherlands this year, with another imminent (Danone Office HQ at Hoofddorp) – all following extended construction periods. We are cautious in our outlook for property markets and will approach new transactions on a selective basis, in accordance with our desire to protect and enhance our investors wealth and 90 North Partners’ coinvestment.”
AC Niellsen Ltd. and DLA Piper Nederland acted on behalf of the buyer in this transaction. Van Gool Elburg Vastgoedspecialisten and Sight Advocaten on behalf of the Seller. Bank financing for the transaction was provided by ING.