Sale of the Koninginnetoren in Rotterdam

We assisted the foundation Stichting Maasdelta Groep with the sale of the Koninginnetoren in Rotterdam. This complex, built in 2001, comprises 82 multi-family dwellings and commercial spaces spread over 26 floors. It is a so-called service apartment building that is internally connected with the adjacent Hoppesteyn healthcare centre.

Our approach

Maasdelta's resolve to focus on its core activity prompted its decision to sell the complex. The Koninginnetoren was the only property in Rotterdam with several commercial spaces and dwellings whereby the vast majority belonged to the non-regulated segment. Because it concerned a service apartment building, there were various agreements with the tenants concerning the extra services provided by the centre. Tenants were able to make use of various facilities, such as a meal service, guest rooms and a paging system.

We clearly listed and formalised the agreements with the healthcare centre. We then drew up a saleability analysis and advised Maasdelta on an optimal sales strategy in the current market. Civil-law notary firm Houthoff Buruma compiled the legal documentation. A professional Investment Memorandum was drawn up for the sale, including photos of the complex taken by an architectural photographer.

This sale required taking account of various stakeholders, including the tenants and residents' organisation. We assisted and supported Maasdelta in their communications with these stakeholders. This included organising a number of information sessions to keep all parties involved informed of developments.

For the sale, various national and international investor target groups were approached. There was a great deal of interest among investors and healthcare institutions focused on the acquisition of healthcare property.

The result

The complex was successfully sold to a private investor with a number of healthcare-related properties in their portfolio. The acquisition matched this investor's investment profile extremely well.

René de Groot, director/administrator of Maasdelta commented on the transaction: "The sale of the Koninginnetoren is completely in line with our policy as a housing association to dispose of stock outside our core municipalities".

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