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JLL advises Neo Capital on Dutch office tower acquisition

August 2, 2021
real estate

Top real estate group JLL said it had played a vital role as the financial advisor to Dubai investment company Neo Capital for the acquisition of a brand-new Grade-A office tower, Share Building, located in Hoofddorp, Netherlands for €43 million ($51 million).

The acquisition was financed by a German lender who provided a senior loan of €26 million representing approximately 60% LTV, which has been provided for a five-year term.

The building is a brand-new Grade-A office development at Park 20|20 near Schiphol Airport and within a stone’s throw from Amsterdam.

At present it is 76% pre-let to L’Oreal, the world’s largest cosmetics and beauty company. The remaining space in the building is expected to be pre-let in the coming months.

The asset, which comprises 8,121 sq m net internal area across four levels, currently has a Wault B and Wault E of 10 years.

The property has a spacious atrium offering natural light and has been extensively designed with the wellbeing of its occupiers as the key priority. Additionally, the asset boasts a sustainable design and impressive environmental credentials including the coveted Breeam Excellent as well as a WELL Silver certification.

The JLL debt placement team representing the borrower was led by Claudio Sgobba, Senior Director (Debt and Structured Finance) for EMEA, Karan Mahajan, the Director and Hamish Gordon, Senior Analyst.

Hani Obaid, the Partner at Neo Capital, said: 'We are very pleased with this acquisition in Hoofddorp that fits well within Neo’s wider portfolio. The asset is well positioned within a rapidly expanding community to benefit from growth synergies in the market which will produce a stable income stream with good upside potential for our investors.'

Sgobba expessed delight at working alongside Hani Obaid and Faisal Al Omran, founding partners of Neo, to close an attractively priced facility that is suited for their business plan.

'It was a competitive lender selection process with leverage, pricing, and surety of execution, all playing a role in the ultimate decision,' he added.