Provast sells Grotius towers to CBRE Global Investors

Largest new building transaction of 2017

Provast is developing two residential towers including 650 rental apartments in The Hague’s city centre in close cooperation with the City of The Hague. On behalf of the CBRE Dutch Residential Fund and one of its separate account clients, CBRE Global Investors acquired the rental apartments, commercial spaces and 240 parking spaces in the underground car park.

The residential towers have been designed in The Hague style by Winy Maas from MVRDV architects. The sustainable buildings will stand 100 and 120 metres tall respectively, with a transparent strip of commercial spaces on the ground floor, including bars, restaurants and services. The spectacular jewels in the crown of the buildings are the beautiful outdoor spaces with views over the city and the sea. The plan includes medium-priced rental apartments as well as apartments priced below the rent-control ceiling.

With the construction of this project at this central location consumer demands are met for more housing in The Hague, while at the same time the municipality’s ambition to house more people in the city centre. is supported. The construction of the two residential towers heralds the total makeover of the area east of The Hague Central Station, including the partial roofing over Utrechtsebaan, creating a vibrant and green city square. The new towers are set to become important features in the entrance to the city and will visibly contribute to The Hague’s formidable skyline. Grotiusplaats Square is located in the dynamic area surrounding the station and links the The Hague Central Station, Bezuidenhout and Beatrixkwartier areas.

Loyens & Loeff and CBRE advised Provast in this transaction. Legal advice was provided by Houthoff Buruma.

This press release was distributed by Provast.