GBA buys Rotterdam's Wilhelminahof complex in Dutch market's biggest single asset deal of 2010
Amsterdam/London, 31 December 2010 - The Government Buildings Agency (GBA) has purchased the Wilhelminahof offices and courts complex in Rotterdam, The Netherlands, from a consortium of owners, marking the largest single-asset transaction in the Dutch market for the year. The consortium comprises ING Real Estate Development, MAB Development Nederland B.V. and the pension funds of KPN and TNT, represented by TKP Investments.
The purchase is in keeping with the GBA policy to buy strategic buildings, if ownership is more effective than leasing. At the end of last year, the GBA had already bought seven court buildings from ING Real Estate Development. The purchase will mean considerable government savings in accommodation costs.
The total purchase sum for the complex was approximately €220 million. The total floor area is more than 81,000 m². The complex houses the courts and tax authorities, among other tenants. The Wilhelminahof was not included in the previous courts purchase due to a lack of clarity concerning the technical condition of the buildings. An agreement has since been reached with the consortium.
Development of the complex was the first phase in the development of offices in the prestigious 'Kop van Zuid' area of Rotterdam, in 1996. The complex is part of a large-scale 1990s development project, in which a number of market parties developed court buildings at the request of the government. These buildings were leased long-term by the GBA upon completion.
The transaction supervision process was the responsibility of CB Richard Ellis and Houthoff Buruma, on behalf of the consortium. The GBA was advised by Jones Lang LaSalle and Pels Rijcken & Droogleever Fortuijn.