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:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.