Atenor sells East Tower of ‘The Stage’ project

HOUSING
Tim Harrup

TBMB, the Dutch company in which developer Atenor acquired a 50% shareholding at the end of 2020 has signed a binding Head of Terms with DUWO for the sale of the existing land rights for the East Tower of the project ‘The Stage’ in The Hague. There is a suspensive condition attached to the transaction, including among others, obtaining the environmental permit and approval of the transaction documentation with the contractor for the construction of the tower.

With this purchase, DUWO, a recognised investor in student accommodation, will be adding 520 student residences to its real estate portfolio. The TBMB company owns the property rights and development rights for this ambitious ‘The Stage’ project located on the corner of the Verheeskade and Lulofstraat in The Hague. This project involves the demolition of the existing outdated buildings and the new construction of a commercial ground floor, 520 student flats and 387 apartments, representing a development above ground of around 53,000 m².

TBMB submitted a planning application for the East and West tower of the project on 23rd December 2020. Atenor states that it is pleased to be able to make a qualitative contribution with this project to the redevelopment of this part of The Hague and consequently to be able to count DUWO as one of its partners in urban development.

Discover more about the Stage project >>

With this project, Atenor now has 31 projects under development in Belgium and elsewhere, representing a total of 1,240,000 m².