Aberdeen European Balanced Property Fund has acquired the "Arena" shopping center and adjacent "Stoa" shopping gallery in the center of Den Bosch, the Netherlands. The Seller was an institutional real estate fund managed by Pramerica. The properties were constructed in 1998 with a total leasable area of approximately 11,800 m². Both parties have agreed not to disclose the purchase price.
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The properties have a total leasable area of 11,800 m².
"Arena & Stoa" is directly attached to one of the principal shopping streets in Den Bosch. Den Bosch, with its historic city center, is one of the most popular shopping destinations in the south of the Netherlands. The acquisition comprises parking facilities with more than 900 parking places. The properties are fully let occupied by such anchor tenants as H&M, Albert Heijn, NewYorker and La Place amongst others.
The Buyer was advised by Aberdeen Property Investors The Netherlands and legal advisor Van Doorne. Cushman & Wakefield acted as commercial advisor and Lexence as legal advisor to the Vendor.
Nico Tates, Fund Manager to the Aberdeen European Balanced Property Fund commented: "This high quality acquisition is a tremendous addition to the Fund's portfolio. The historic town of Den Bosch offers a very attractive retail climate and the town is a magnet to consumers from all over the country. The shopping centre has strong anchor tenants and is strategically located in the heart of the city. Growth potential is significant due to the planned re-development of the adjacent hospital area into a large scale residential and cultural centre. The fund will continue to seek actively for additional property investments of high quality in our key markets."
Source: Maitland
The Buyer was advised by Aberdeen Property Investors The Netherlands and legal advisor Van Doorne. Cushman & Wakefield acted as commercial advisor and Lexence as legal advisor to the Vendor.
Nico Tates, Fund Manager to the Aberdeen European Balanced Property Fund commented: "This high quality acquisition is a tremendous addition to the Fund's portfolio. The historic town of Den Bosch offers a very attractive retail climate and the town is a magnet to consumers from all over the country. The shopping centre has strong anchor tenants and is strategically located in the heart of the city. Growth potential is significant due to the planned re-development of the adjacent hospital area into a large scale residential and cultural centre. The fund will continue to seek actively for additional property investments of high quality in our key markets."
Source: Maitland
