Triodos Vastgoedfonds NV has signed a turnkey purchase agreement with Property Match to acquire the fully redeveloped office building located at Prof. Dorgelolaan 12 in Eindhoven, the Netherlands, including a long-term lease agreement for the entire building which Property Match had previously signed with its tenant, EY. EY will start using the building, which has 4,900 m2 of floor space, at the end of 2018. The building acquired by Triodos Vastgoedfonds NV has a gross initial yield of around 6.4% (deed in hand).

The office building is within walking distance of Eindhoven Central Station. The redeveloped building is all-electric, meaning that it has no gas connection. It is the third building in the Triodos Vastgoedfonds portfolio that no longer has a gas connection. Various sustainable applications will result in an A+++ label and a 65% reduction in CO2 emissions. A green certificate was issued by the Dutch Ministry of Infrastructure and Water Management, providing a 0.7% discount on the financing of part of the building.

Commenting on the transaction, Triodos Vastgoedfonds fund manager Guus Berkhout said: “The location and sustainable nature of this building in Eindhoven are fully consistent with our strategic portfolio objectives. Furthermore, the long-term lease makes a nice contribution to our rental income. For new tenant EY, a company which is also committed to sustainability, VB Groep will create a beautiful building with a strong sustainability profile. We are therefore extremely pleased to add this special building to our portfolio.”

This redeveloped building designed by architectural firm DiederenDirrix and realised by contracting firm Huybregts Relou, a VB Groep company, recently won the 2018 Eindhoven real estate award. The building will feature a Smart Building Network in which all technology and environmental factors are tailored to the users and the activities undertaken in the building.

Eugen Kool, director of Property Match: “The redevelopment of this existing building enables Property Match to fulfil its social responsibility, pursuing its commitment to sustainability.”  

Triodos Vastgoedfonds was advised by Six Advocaten, Vrijborg and Van Der Stelt real estate investment partner. The seller was advised by Nexa Velo Advocaten en Guus Bouwknegt.