Union Street Investments announced the acquisition of a multifunctional complex from Whitewhood and DW Partners. The property at Spaarneplein 2 in The Hague consists of 13,000 square meters office space and 6,000 square meters data center. Union Street is a platform that was created in 2015 in order to build a leading real estate business in the Netherlands across multiple real estate verticals. It is owned and was established by affiliates of Monarch Alternative Capital LP, a private investment firm with expertise in real estate.
The proprty at Spaarneplein 2 was developed in 1921 as a post office. The characteristic and monumental complex was expanded in 1937 with an additional building located at the corner of the Zwetstraat and Dintelstraat. After the departure of the post office, telecom provider Ziggo became an occupier. A new data center was built in 1990. The complex consists of 19,197 square meters and is currently let to New World Campus and Ziggo.
With the acquisition of Spaarneplein 2, Union Street has further expanded its growing real estate portfolio within the Netherlands.
Union Street was commercially advised by Spring Real Estate during the transaction. Spring Real Estate will be responsible fort he ongoing asset management of the property. In addition, Union Street was legally advised by Loyens & Loeff. Whitewood and DW Partners were legally advised by AKD and fiscally advised by PWC.
If you would like more information about the transaction or to enquire about the remaining vacant space to capitalize onin the building, please contact Sjors van Iersel or Wouter Westgeest at Spring Real Estate by visiting www.springrealestate.com.
About Spring Real Estate
Spring Real Estate is a transaction-based real estate services firm with a team of highly educated and analytically skilled employees. The company was founded eight years ago and has grown in record time to become a ‘Top 15’ firm within the Dutch market.
Spring distinguishes itself by using technology and data combined with a strong focus on long term relationships to deliver a structured sales approach and research-driven advice.
About Union Street Investments
Union Street Investments is a platform created by Monarch Alternative Capital LP in 2015 that focuses on purchasing high quality buildings in the Netherlands. The platform is exclusively asset managed by Spring Real Estate and focuses on purchasing buildings which have asset management or development upside potential. It currently holds twelve properties totalling over 99,200 square meters which are located in markets such as Amsterdam, Rotterdam and The Hague amongst others. Union Street is currently in expansion mode and is evaluating numerous additional opportunities to further grow its portfolio.
About Monarch Alternative Capital LP
Monarch Alternative Capital LP is a global investment firm founded in 2002 with approximately $5 billion in assets under management. Monarch focuses primarily on opportunistic credit and distressed situations across corporate debt, real estate, special situations, and other parts of the credit markets. Monarch has invested over $40 billion in its strategy while maintaining a consistent and repeatable approach. While disciplined in approach, Monarch’s dynamic sourcing enables the firm to capitalize on overlooked and niche areas on a global basis. Monarch draws on the skills and experience of 69 employees, including 23 investment professionals, across its offices in New York and London.
Monarch has a long and successful history of investing in opportunistic real estate focused on areas that leverage Monarch’s core tenets. In addition to significant internal resources, Monarch has substantial relationships with operating partners and advisors that it works with to help create value.
For more information about Monarch, please visit www.monarchlp.com.