AEW, acting on behalf of the Europe City Retail Fund, has acquired 54 Lijnbaan, a prime retail asset in Rotterdam, the Netherlands. The property is the Fund’s first acquisition in the Netherlands. The corner unit comprises 1,975m² of retail space spread over three floors with two large frontages and is let to the fashion retailer, Pull and Bear. The asset is positioned on the prime pedestrian pitch of Lijnbaan which is home to a mix of mass market and premium brands including Calvin Klein, Tommy Hilfiger, Levi’s and Mango. The purchase price was not disclosed.
Frederique Weber, Country Manager for The Netherlands at AEW, commented: “This is an excellent opportunity to acquire a prime retail asset in a strong location, which is generating sustainable income underpinned by a strong covenant. The acquisition is strongly aligned to the Fund’s strategy and demonstrates our ability to leverage our local expertise to source attractive investment opportunities."
Christina Ofschonka, Fund Manager for Europe City Retail at AEW, added: “After recently completing the Fund’s first acquisition in the UK, I am pleased that this has been closely followed by the Fund’s entry into the Dutch market. This acquisition adds another high-quality asset to the Fund’s portfolio as we continue to deploy capital into a strong pipeline of selected opportunities across Europe’s largest metropolitan areas.”