NautaDutilh assisted the investor consortium led by Marcel Boekhoorn regarding the acquisition of High Tech Campus Eindhoven. The transaction is the largest single-asset real estate deal in Dutch history.
Royal Philips Electronics sold the real estate of High Tech Campus Eindhoven for 425 million euros. The deal includes 246,000 square metres of built-up area plus 130,000 square metres for the development of office and R&D facilities. Chalet Group will acquire the Campus Site Management (CSM) organisation, which runs – and will continue to run – the daily operations at High Tech Campus Eindhoven. Chalet Group will also be responsible for the asset management of the Campus.
The acquisition price was for the greater part financed by the issuance of an amortizing 15 year USD 432,000,000 4.13% Credit Tenant Lease Note to a group of US investors, which is backed by payments of Philips Electronics Nederland under a ground lease with respect to properties which Philips will continue to use on the Campus, and guaranteed by Royal Philips Electronics. This innovative note is the first in its kind used in The Netherlands.
The NautaDutilh team involved in the transaction was led by Teska van Vuren (partner corporate) and also consisted of Arief van Rhee (partner real estate), Petra Zijp (partner capital markets) and David van Dijk (partner real estate).