Deka Immobilien News – 16 June 2023
Office property "de Resident" in The Hague successfully sold after 27-year holding period
After a 27-year holding period, Deka Immobilien has successfully sold the office property "de Resident" in The Hague, Netherlands, from the real estate assets of the Deka-ImmobilienEuropa fund. As part of this continuous portfolio optimization, the acquisition of the new headquarters of "Booking.com" in Amsterdam took place at the end of 2022. Deka Immobilien places special emphasis on complying with current and future ESG standards, which often require extensive modernization work on older properties.
Deka Immobilien acquired "de Resident" in 1996 as a renovation and redevelopment project, thereby achieving a stable cash flow over many years. It is located in a prime downtown location in the government and business district of The Hague, right next to the main train station and the old town. The Dutch government is the tenant of the building, occupying 93% of the space with a lease agreement until 2029.
"de Resident" is an office tower complex with a total rental area of approximately 53,371 m², of which 3,352 m² is allocated to retail, storage, and an atrium. The ensemble consists of the 104 m tall office skyscraper called "Castalia," as well as three additional building sections with a height of up to 60 m, known as "Helicon," plus a large underground parking garage.
Extensive renovation and expansion measures were carried out in 2014, leading to a contract extension with the main tenant. The achieved selling price amounts to €217 million. The buyer is the Rijksvastgoedbedrijf (RVB), the central government real estate agency of the Netherlands.
