DGAP-News: Corestate Capital Holding S.A. / Key word(s): Real Estate
Corestate's subsidiary Hannover Leasing advises Perial on acquisition of the historic Post Office Building in The Hague's HS Quarter
Pullach, December 22, 2020. Hannover Leasing, a subsidiary of Corestate Capital Group (Corestate), acted as transaction manager in the acquisition of the well-known 'Post Office Building' in the center of The Hague from development group LIFE for a fund managed by Perial. For Perial, it is the largest single transaction to date outside of France, with a total investment volume of over €100 million. The anchor tenant of the monumental office building, which is currently undergoing extensive refurbishment until mid-2021, is the Dutch postal service PostNL, which will create its new headquarters there.
Nils Hübener, Chief Investment Officer of Corestate: "The Post Office Building, located in the sought-after HS Quarter, is representative of the fact that we offer our clients excellent access to the best investment properties in A-locations of European cities. The prospects for a sustained increase in the property's attractiveness and profitability are particularly good, not only because of the long-term commitment of reputable tenants. It is also located in a rapidly developing city quarter that will be geared towards urban mixed-use living and working requirements for future generations."
Built in 1939, the historic property is a former post sorting center and has long been a defining landmark within The Hague's city center. Finally, the 'Post Office Building' is the result of a transformation into a prime office building in a prominent urban location next to Hollands Spoor station, where LIFE and partner companies will develop approximately 245,000 sq.m of mixed-use space in the coming years.
With completion of the extensive modernization works, the property will take a pivotal role in the district's development with its focus on sustainability, health and user well-being. 'Post Office Building' will offer modern office space including a large atrium with a total leasable area of around 25,000 sq.m, of which PostNL is leasing 19,000 sq.m and 6,000 sq.m being let by Belgian co-working provider Fosbury & Sons. The leases run for 15 years each.
JLL acted as buy-side advisor on the transaction, legal advice for the purchaser was provided by Nauta Dutilh/Greenberg Traurig and technical expertise by CVO Group. LIFE was advised by Fakton Capital, SENS Real Estate and Van Doorne.
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CORESTATE Capital Holding S.A. (CORESTATE) is an investment manager and co-investor with assets under management of well over 28 billion euros. As a fully integrated real estate platform, CORESTATE offers its clients sound expertise in the areas of investment and fund management as well as real estate management services from a single source. The company is internationally active as a respected business partner for institutional investors and wealthy private investors. The company is headquartered in Luxembourg and has 42 additional offices in Frankfurt, London, Paris, Madrid, Zurich and Amsterdam, among others. CORESTATE has around 800 employees and is listed on the Frankfurt Stock Exchange (SDAX). Further information can be found at www.corestate-capital.com.
This press release may contain certain forward-looking statements based on current assumptions and forecasts made by our management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of our company and the estimates given here. These factors include those described in published reports. These reports are available on our website corestate-capital.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments. No inappropriate significance should be attached to forward-looking statements whose effect only relates to the date of this announcement.
22.12.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
Corestate Capital Holding S.A.
4, Rue Jean Monnet
+49 69 3535630-107
+49 69 3535630-29
Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange
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