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NIBC finances purchase and development of former V&D Building in Groningen

MWPO is a real estate developer. The company is focusing on striking buildings and iconic hotspots at top locations to create housing programmes and innovative working, hospitality and retail concepts.

The building of the former V&D department store is located on the impressive location Grote Markt in Groningen. MWPO has ambitious plans with the building. The building has been largely vacant since the bankruptcy of V&D. However, it will be given a new lease of life. MWPO plans to establish offices, a restaurant (LaPlace) and a Jumbo super market. This boosts the liveliness of the city centre. Groningen is characterized as a city with many young residents, rich in start-ups and scale-ups and a the city has a large concentration of IT businesses. As a result, the demand for workplaces at central locations in the bustling city centre is high. With this development the demand can be met.

The Assignment

MWPO requested NIBC to provide an acquisition and redevelopment financing for the before mentioned building. After an on-site visit, the NIBC deal-team saw the potential of this building. It was key to look through the current state of the building and envision the plans that MWPO has.

Adding Value

NIBC was able to add value to provide the client with a loan, tailored to the building and envisioned plans. We have in-depth knowledge of the Groningen real estate market and a strong track-record with these type of (inner-city) redevelopment projects. By utilizing these assets, NIBC was able to collaborate in a efficient and professional way.

Delivering results

Now the building is purchased by the highly entrepreneurial real estate developer MWPO. The plans for the building will be further developed in the coming weeks. The construction starts at the end of 2019. And one year later, the first tenants and visitors are expected to be able to enter the renovated building that will be renamed ‘Het Groot Handelshuis’.

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