Avignon Capital has acquired a purpose-built property in The Hague, let to the Organisation for the Prohibition of Chemical Weapons (OPCW), for €38m.
The property is located in the International Peace and Justice District of The Hague, home to numerous UN or UN-related organisations. It comprises 16,734 sqm of leasable floor area divided over basement, ground floor and seven upper floors, having been built-to-suit in 1998.
OPCW is the implementing body of the Chemical Weapons Convention, which entered into force in 1997. As of today, OPCW has 192 Member States, who are working together to achieve a world free of chemical weapons. It is an independent, autonomous international organization, funded by the member countries, with a working relationship with the United Nations.
The organisation has made recent improvements in order to upgrade the property’s Energy Efficiency Label: 80% of the office areas have been fitted with movement sensor light-switching, and the HVAC installations saw a complete renovation, upgrading its Energy Label to ‘A’.
The building plays host to frequent visits by Heads of State and Heads of Government, and over the years has been the backdrop of several significant political summits, including the 2010 International Cyber Security Summit which was attended by 60 world leaders, and the 2014 Nuclear Security Summit. In2017, the building is set to host several, regular high level meetings on Chemical Disarmament and Non-Proliferation.
Patrick Flaton, CFOO at Avignon Capital, said: “The deal to acquire the OPCW building presented us with an off-market opportunity to acquire a purpose-built asset that has a strong relationship with the UN and its member nations.
The Hague is widely-regarded as the ‘peace capital’ of the world and at Avignon Capital we are always keen to invest in properties that not only deliver returns, but have a wider positive impact on both society and the environment.
We look forward to continuing the expansion of our footprint both in the Netherlands and other European countries where we see growth potential.”
Susanne van Dijkum, Lawyer at Haagstate Advocaten N.V said “We are very proud to have advised Avignon with its second commercial real estate acquisition in the Netherlands. Through this acquisition, Avignon has expanded its portfolio in the Netherlands with a truly unique property, which is a landmark in The Hague.”
This is Avignon Capital’s second acquisition in the Dutch market, following the purchase of the NH Amsterdam Zuid hotel for €45m in April 2017. Avignon has identified the Netherlands as a focus area within its European expansion strategy, where it sees multiple real estate investment opportunities across a variety of sectors.