OVG and G&S sell ING head office to LCN Capital Partners
OVG Real Estate, G&S Vastgoed and the American firm LCN Capital Partners are jointly developing and constructing ING’s head office on Frankemaheerd in Amsterdam Zuidoost. LCN will own the new office building, which is currently under development. ING expects to move into the 36,000 m2 of office space in the complex, which includes 400 parking spaces, in mid-2019. The bank has signed a long-term lease with LCN for the premises.
ING’s future head office is designed in campus style. The former buildings on this site – now completely demolished – are being replaced by an energy-efficient, future-proof and smart office building featuring high-tech solutions and applications developed by OVG and G&S. The architectural plan is the work of Benthem Crouwel Architects. LCN is funding the construction and ING has signed a 15-year lease for the building. Financing is being provided by ING Real Estate Finance through a Green Loan. No information has been provided regarding the size of the investment.
OVG and G&S: “It’s fantastic that such an enormous project that is still in full development and that will house an international high-impact player like ING has already found a new owner. The preferences of the new users have been integrated into the plans with smart and sustainable technology, resulting in a building that offers a healthy work environment to users and is designed for long-term and sustainable use. This project is the perfect example of how we aim to change the real estate market as pioneers in creating healthy workplaces.”
LCN Capital Partners: “We distinguish ourselves in build-to-suit transactions through early and active involvement in the development process. We are proud of our relationships with our tenants and developers with whom we work. ING, a globally active bank, benefits from the extensive knowledge and development expertise of OVG and G&S. It is important that ING’s long-term commitment to this new A-class office endorses the long-term investment strategy of LCN European Fund II, thereby fulfilling the expectations of our investment partners, i.e. pension funds and insurers.”
It is expected that ING can move into its new head office on Frankemaheerd in Amsterdam Zuidoost in the second half of 2019. Once this project has been completed and ING has moved into the new building, OVG and G&S will begin transforming ING’s current 52,000 m2 office in the Amsterdamse Poort district into residences. The total plan is being carried out in close collaboration with the Municipality of Amsterdam, so that the buildings and surrounding public area will have a coherent style.
OVG and G&S are being advised by Nauta Dutilh and PWC in the development of ING’s new head office, while LCN Capital Partners is receiving advice from Arendt & Medernach Luxembourg, Houthoff Buruma, KPMG and real estate consultants Cushman & Wakefield and Savills.
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