OVG sells Rabobank Eindhoven to WP Carey

OVG sells Rabobank Eindhoven to WP Carey

OVG Real Estate and W. P. Carey have concluded a purchase agreement for the future offices of the Rabobank at Fellenoord in Eindhoven. Construction work will start on the 25,000 m2 building in April 2015.

Rabobank fellenoord

The design by UNStudio is geared to Rabobank's wish to build an attractive and flexible working environment equipped for the New Way of Working. A total of 1,500 workplaces will be created for approximately 2,000 employees. The transaction is one of the largest single asset investment transactions of recent months. The purchase by CPA®:18 – Global, one of W. P. Carey’s managed non-traded REITs, once more confirms the quality and the confidence in a good location with a sound tenant.

Jan-Hein Lakeman, member of the OVG Nederland board: “Over the past year the number of investors interested in these types of assets has increased. This relates both to investors already active in the Netherlands, as well as new entrants. W. P. Carey has an excellent track record, particularly as a long-term investor. We are extremely pleased with the professionalism and dynamism demonstrated in the conclusion of this purchase.

Phased redevelopment

The redevelopment of Rabobank's new, regional head offices will take place in stages. The first stage comprises the demolition of the high-rise former Rabobank office, which is now complete. In the interim the Rabobank employees have been accommodated in the low-rise building. Completion of the new Rabobank office at Fellenoord is scheduled for early 2017. It will then be furnished and the staff is expected to move into the premises in mid 2017.

Those involved

In this transaction CPA®:18 – Global has been legally, fiscally, technically and commercially advised by Nauta Dutilh (David van Dijk), Deloitte (Jan Verbaan), DTZ (John Konijn) and Victorios (Ward Stoker) in collaboration with Meijs Makelaardij (Marcel Meijs), respectively. The OVG Real Estate transaction team received legal support from AKD (Julian Versmissen) and fiscal support from PwC (Clarinca van Veelen and Jeroen Eelink Schuurman).