CORESTATE subsidiary Hannover Leasing acquires the landmark New Babylon commercial complex in The Hague for PFA Pension

• Largest Danish pension company gained as a new client
• Real estate expertise in the Benelux countries is being continuously expanded
• Property that shapes the cityscape with the best long-term earnings prospects
• Object stands out for its high-quality and long-term tenant mix

Frankfurt, December 20, 2019. CORESTATE Capital Holding S.A. (CORESTATE), a leading independent investment manager for real estate in Europe, has for the first time acquired a property for the large Danish pension and insurance company PFA Pension via its subsidiary Hannover Leasing and will also be responsible for the asset management. The property is the New Babylon office complex in the heart of The Hague in the immediate vicinity of the central railway station and, from 2020, also the Dutch parliament. The New Babylon was built in 1978 and had been extensively renovated and repositioned in 2012. Its iconic design makes it one of the most striking buildings on The Hague skyline.

CORESTATE CEO Lars Schnidrig: "Within a very short time, we have acquired numerous prominent commercial properties in the Benelux for our institutional clients and demonstrated our regional expertise. We have now gained a significant new institutional client in PFA Pension, the largest Danish pension fund and the fifth largest in Europe. I am convinced that this prominent office investment will prove to be a highly attractive investment for PFA Pension, especially due to our active local management."

"Part of our investment strategy is to increase our property investments outside of Denmark, and with this in view this property fits in perfectly. The property is located in a unique position in the Hague and supports our focus on Western European markets where we are expecting a continued substantial leaseholder and investor demand. Overall, it is an attractive and long-term investment, which will be a strong supplement to our existing portfolio of housing and commercial properties in Denmark and abroad," says Michael Bruhn, Executive Property Director, PFA.

The New Babylon has more than 40,000 m² of total rental space. Due to the increasing interest of international companies in this location and the future proximity to the Dutch parliament, vacant space (18%) in particular offers strong potential for rent increases. The annual rent at full occupancy is just under EUR 10 million. The current tenant mix is first-class, diversified and committed for many years with a large number of international and national quality companies from the business services, research/technology, industry and raw materials sectors. The main tenants are TNO (research organization of the Dutch government), Property Works (provider of co-working space) and NLO (patent law firm). The seller is Icon Real Estate, which has significantly developed the property into a full-service complex with a large conference and meeting center, state-of-the-art fitness facilities and a wide range of restaurants. Colliers International acted as the broker on the buyer side. The signing and closing of the share deal took place on December 19, 2019.

Press Contact
Jorge Person
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IR Contact
Dr. Kai Gregor Klinger
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About CORESTATE Capital Holding S.A.
CORESTATE Capital Holding S.A. (CORESTATE) is an investment manager and co-investor with more than €26 billion in assets under management. As a fully integrated real estate platform, CORESTATE offers its clients combined expertise in the areas of investment and fund management as well as real estate management services. The company operates as a respected business partner of institutional clients and wealthy private investors internationally. CORESTATE is headquartered in Luxembourg and has 42 offices, e.g. in Frankfurt, London, Madrid, Singapore and Zurich. The company employs around 700 people and is listed in the Prime Standard (SDAX) of the Frankfurt Stock Exchange. Further information may be found at www.corestate-capital.com.

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