Office property de Resident in The Hague successfully sold after 27-year holding period

Transaction | 2023-06-16

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 optimisation, the acquisition of the new headquarters of 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 modernisation 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 sqm, of which 3,352 sqm 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 car park.

Extensive conversion and expansion measures were carried out in 2014, leading to a contract extension with the main tenant. The achieved sale price amounts to EUR 217 million. The buyer is the Rijksvastgoedbedrijf (RVB), the central government real estate agency of the Netherlands.

The “de Resident” building in The Hague in daylight.