Northwest buys Medimall in Rotterdam

NorthWest Healthcare Properties REIT (“NorthWest”) buys Medimall in Rotterdam. NorthWest, a fund listed on the Canadian stock exchange, enters the Dutch real estate market with this purchase. The Medimall complex houses more than 25 mainly care-related tenants and has a size of approximately 32,000 sq. m. The building was purchased for approximately 62 million euros.

This is the first purchase for NorthWest in the Netherlands. The fund specifically invests in healthcare real estate and has assets in Canada, Brazil, Germany, Australia and New Zealand. In total, they have assets under management amounting to approximately €4.7 billion.

Medimall

The Medimall was built in 2011 and is located next to Maasstad Hospital in Rotterdam. CBRE was involved in the sale of the Medimall in mid-2018 and has subsequently been appointed by the new owner as property and asset manager. Since the NorthWest acquisition, several new tenants have moved in including Fysius Rugexperts and Mentaal Beter Cure.

Tenants

Fysius, market leader in the field of scientifically-based treatment of back complaints in primary care, rents 273 sq. m. in the building. Mentaal Beter Cure, a network of more than 400 Dutch healthcare psychologists, psychotherapists and psychiatrists, rents 537 sq. m. The tenants were both advised by De Mik Bedrijfshuisvesting. In addition, existing tenant Maasstad Hospital added 477 sq. m. to its lease at Medimall.

Opportunities

Jeroen Hermus, Healthcare Director at CBRE: “The fact that foreign investors such as NorthWest want to invest in the Netherlands exemplifies the current opportunities for investors in our healthcare real estate market. These parties often have grand ambitions, which will contribute to the further professionalisation of the market.”

Damon van Oss, director of Asset Management at CBRE: "We are delighted that NorthWest has opted for CBRE’s integrated approach, which, in addition to property and asset management, also includes in-house healthcare real estate expertise. This makes CBRE the direct point of contact for new NorthWest purchases in the Netherlands.