Belgian Retail Estates expands retail portfolio in the Netherlands
The Belgian company Retail Estates N.V. has acquired yet another substantial retail portfolio in the Netherlands. The acquisition involves four retail parks: Boulevard Heerlen Plein 1, Boulevard Heerlen Plein 2, Woonboulevard Zwolle and Retailpark Cruquius. The seller was CBRE Global Investors.
The properties house 83 retail units, with a total floor area of approximately 135,000 sq. m. and an occupancy rate of nearly 100%. This is the second major portfolio acquired by the Belgian company in the Netherlands, following on its acquisition of five retail parks in Apeldoorn, Middelburg, Veenendaal, Roosendaal and Alphen aan den Rijn in the summer of 2017.
We are seeing growing interest in out-of-town retail parks among investors from the Netherlands and abroad. This acquisition gives Retail Estates a more robust presence in the Dutch retail landscape, partly thanks to the high occupancy rate. These retail parks are dominant forces in their respective regions, and they carry tremendous public appeal. We are confident that they will retain these characteristics for years to come. The comprehensive range of retail outlets, the convenience of free parking and easy access are all factors that make these shopping centres very interesting, not only for consumers but also for retailers and investors.
CBRE advised CBRE Global Investors in this transaction, with legal advice provided by Houthoff. Van Doorne provided legal advice to Retail Estates in this transaction.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers from more than 450 offices (excluding affiliates) worldwide. CBRE offers strategic advice and guidance in property sales and leasing; corporate services; property, facilities and project management; appraisal and valuation; development services; investment management; and research and consulting. Please visit our websites at www.cbre.nl and www.cbre.com.