NIBC finances acquisition and development of Groot-Handelshuis on Grote Markt, Groningen
NIBC has financed MWPO’s acquisition and intended development of the former V&D department store in Groningen. The old retail premises are to be converted into a modern office block complete with coworking spaces, meeting rooms and all the facilities future users will require. Once this major upgrade is complete in 2020, the ex-store will provide workplaces for 450 people.
NIBC’s financing has not only allowed MWPO to purchase the property but also offers it the flexibility and financial scope needed to implement its business plan and undertake the planned redevelopment.
On the ground floor there will be a new Jumbo supermarket, while on the fourth floor La Place will offer visitors the opportunity to enjoy a fresh cup of coffee overlooking Grote Markt, Groningen’s central market square. The redevelopment thus represents a complete transformation of the building, from department store to mixed-use commercial premises. To highlight this, it has been renamed Het Groot Handelshuis – “the Grand Trading House”.
Commenting on the transaction, MWPO proprietor Kristiaan Capelle explains, “CBRE Debt & Structured Finance assisted us right from the start of the acquisition phase, helping us to find the right financing in the right form. For us, it was very pleasant to experience CBRE’s knowledge, professionalism and engagement.”
“We are delighted to be able to support MWPO in transforming this landmark building in the heart of Groningen into a modern multipurpose location,” says Jeroen Belt, Director of Commercial Real Estate at NIBC. “This is a wonderful development for the city and its residents.”
“Financing large vacant retail properties in a city centre seems like an impossible task,” adds Philip Zwart, Senior Director of CBRE Debt & Structured Finance. “Nevertheless, we’ve managed it with this old V&D store in Groningen. The vision, professionalism and realistic financial basis displayed by MWPO, in combination with the pragmatic approach adopted by NIBC, have resulted in an acquisition and development financing solution we could never have dared dream of at the start!”
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