Dutch retail assets sold to Blackstone

CBRE Global Investors announces the completion of the sale of 14 retail assets in the Netherlands on behalf of the CBRE Dutch Retail Funds to Blackstone Real Estate Partners Europe IV ("Blackstone"). The assets will be added to Blackstone’s European retail platform, Multi Corporation. Multi is one of Europe’s leading owners, (re)developers and managers of prime shopping centres.

The portfolio consists of a total of 107,500 square metres and is located in city centres and residential areas across the Netherlands in Nootdorp, Utrecht and Leusden and other cities, while anchor retailers include Ahold, Blokker and H&M.

Jaap Demoed, fund manager of the CBRE Dutch Retail Funds, said: "This is a significant disposal for the fund and is in line with our strategy to dispose of properties that do not fit the fund’s investment criteria in the long term. We continuously work towards strengthening the portfolio with active asset management. This sale meets the strategic objectives, allocation targets and long term goals of the Fund".

Jaap Blokhuis, Chief Executive Officer of Multi, said: "These assets are attractive, predominantly grocery-anchored, shopping centres. We will use our expertise and experience as a leading pan-European operator to invest in these centres and make them more attractive to both retailers and local consumers."

CBRE Global Investors was advised by Cushman & Wakefield and Houthoff Buruma. Blackstone was advised by Loyens & Loeff, CVO, PWC, and CBRE with ING providing financing.