Australian REIT sells office building in Netherlands

Australian REIT Cromwell Property Group has sold The Bridge office building in Hague, the Netherlands, for €16.6 million ($18.8 million).

The new buyer is Cording Real Estate Group.

Located at 7–10 JP Coenstraat in Beatrixkwartier, one of the most in-demand office locations in the Netherlands, the Bridge comprises 8,145 square meters (87,672 square feet) of office space split between two eight-story wings spanning the strategically important A12 highway.

Richard den Hartigh, head of asset management, Benelux, at Cromwell Property Group in Europe, said, “Since acquiring The Bridge in 2014, we completed several asset management initiatives including a complete refurbishment of the majority of the floors, the entrance and part of the façade, which resulted in our team signing eight new tenants.”

Cromwell acquired the asset in 2014 for €6.4 million ($7.3 million).