Dutch company Philips Electronics has sold and partially leased back its High Tech Campus in Eindhoven to a consortium of private investors for €425m in what is said to be the biggest ever single asset deal in the Netherlands.
Philips has sold the campus for €373m in cash and €52m to be paid in future years and, after expenses stemming from its €800m cost reduction program announced last year, proceeds will be €65m.
The sale to the Dutch consortium of investors private investors led by Marcel Boekhoorn, one of the Netherlands wealthiest individuals whose other business interests include Dutch newspaper De Telegraaf, automobile maker Spyker Cars and soccer team NEC Nijmegen, includes the campus site management organisation, which employs approximately 20 people.
The 103ha campus has 45,000m² of research and development space and 185,000m² of offices as well as other buildings and development land. Philips has leased back several buildings on the campus where its IT, intellectual property and innovation activities are located and says the deal will open up the site to more technology companies.
“After many years of building and investing in the High Tech Campus Eindhoven, a change in ownership of its real estate will open up new opportunities for other companies to access the site, thus reinforcing the campus as a truly universal open innovation ecosystem,” said Philips Benelux CEO Harry Hendriks.
High Tech Campus Eindhoven was established by Philips in 1998 and opened to other companies in 2003. More than 100 companies and approximately 8,000 researchers, developers and entrepreneurs are based there.
Philips was advised by Jones Lang LaSalle.
