King Street Properties Update 01/10/23

King Street Properties Completes Sale of Dutch High Rise

King Street Capital Management ("King Street"), a leading international alternative investment firm, has completed the sale of Pharos (the "Property"), a prestigious office building in The Netherlands.

The announcement follows King Street's original purchase of the Pharos in January 2016 as part of a larger portfolio of six office properties near train stations in key Dutch provincial cities. The property, built in 2004, is located in Hoofddorp, an established office market in the greater Amsterdam area, with excellent connections to Schiphol Airport and Amsterdam. Together with its contractual partner, King Street extensively renovated the property from 2018 to 2020 and transformed it into an attractive multi-tenant office. The Pharos has approximately 25,057 square meters of rentable space and is currently 89% occupied to a diversified international tenant base.

“We are pleased to have finalized the business plan for this project. It supports our investment mandate of transforming well located properties in key European cities into high quality, modern and sustainable assets," said Paul Brennan, Managing Director and Co-Head of Real Estate at King Street.

Focused on sustainability, health and well-being, Pharos has received both the EPC certificate with the grade A+ and the "BREAAM In-Use certificate" with the grade Excellent. In addition, the building offers tenants high-quality common and meeting rooms spacious atrium, an organic restaurant with fresh, locally grown organic food, an outdoor terrace, a fitness area and ample parking.

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