CMS Derks Star Busmann assisted IVG Institutional Funds GmbH, based in Frankfurt, in the purchase of the Mondriaan building in The Hague from the vendor/developer NS Poort Ontwikkeling B.V. from Utrecht.
Since the 14th of September 2011, the Mondriaan building, located on Waldorpstraat, has accommodated the ROC Mondriaan Foundation. It consists of approximately 10,611 m2 (school, library and meeting rooms) and has 28 non-covered parking spaces.
IVG Institutional Funds GmbH is one of the market leaders in the field of (institutional) real estate in Europe and is active globally from 21 offices and has a total capital invested of approximately € 20 billion.
The transfer of the Mondriaan building took place in the form of a ground lease, with the ground rent having been bought off for a period of 50 years. The total investment amounts to more than € 22 million. The turn-key purchase agreement, the compilation of the ground lease conditions and the transfer were dealt with by a team from the CMS real estate notarial department comprising Femke Stroucken, Janneke de Waal and Roland Bos.