Castleforge Announces Five Acquisitions As Part Of First Netherlands Deal

Castleforge has announced the acquisition of five multi-let office buildings on the historic Koninginnegracht in The Hague as part of its first expansion into the Netherlands property market.

The five buildings (Koninginnegracht 10, Koninginnegracht 12, Koninginnegracht 12b-13, Koninginnegracht 14 and Koninginnegracht 23) will undergo significant renovations over the next five years with Castleforge launching its flexible workspace operator, Clockwise, in at least two of the properties.

These latest Dutch acquisitions form part of Castleforge’s overall European expansion strategy in secondary European cities, following the firm’s investment in Bremen, Germany earlier this year.

The firm has shown continued confidence in secondary cities across the UK and Europe over the last two years, with its research-backed approach to value-add investment. Castleforge is set to announce a series of further purchases in the Netherlands over the next 18 months, with a particular focus on the “Randstad area” Rotterdam, Utrecht, The Hague and Eindhoven.

Ahead of the purchase, Castleforge identified The Hague as an ideal location for investment due to its strong local economy, burgeoning base of start-ups and proximity to the Dutch Government.
The team has also seen a high demand for flexible office spaces, especially from NGOs and Government-associated organisations, due to a relative undersupply in the area. The Clockwise offering provides contemporary private offices, shared workspaces and meeting rooms with flexible membership plans in key business locations across the continent.

Located in the historic embassy district of The Hague, the acquired office buildings are well connected to local businesses and sit just a ten-minute walk from the main train station.
Michael Kovacs, Founding Partner of Castleforge said, “The Hague acquisitions are an incredibly exciting addition to our wider European portfolio, particularly given the cultural significance of the city as a hub for both business and Government.

“We have seen strong demand for flexible and premium office space across the country and we will be exploring other secondary cities over the coming months, including Rotterdam and Utrecht. We look forward to developing these properties and introducing new members to our world-class flexible workspace provider, Clockwise, as soon as they are ready.”

Kees Besseling, Managing Partner at Circle Real Estate said, “We are thrilled to support Castleforge in its first ever Dutch investment. Many primary and secondary cities, across the Netherlands, such as The Hague, Rotterdam, Utrecht and Eindhoven, are fast becoming hotbeds for entrepreneurialism and investment from firms such as Castleforge are vital in supporting growth. We look forward to a continued partnership with Castleforge as they expand into other cities across the Netherlands.”

Castleforge was advised on the acquisitions by Circle Real Estate. Dentons Europe served as legal advisor while technical advice was provided by Nivab Vastgoed Advies.