Bakkenist & Emmens (B&E) has started looking for investors for Ã¢â¬ÅHet Vastgoed WinkelfondsÃ¢â¬Â (The Real Estate Retailfund). For this fund 1115 shares are available at a price of Ã¢âÂ¬ 16.250 each. This will be invested in shopping center Maagjesbolwerk in Zwolle and Parijsplein in The Hague. With a total investment volume of approx. Ã¢âÂ¬ 41 mln., this fund will be the largest investment product ever introduced by B&E.
Although the non-listed Real Estate Retail Fund has an expected timeframe of 10 years, the investors will be able to trade their shares before that time. B&E is counting on an average dividend return of 8.3% per year. Including the sales profit the whole portfolio can have an average total return of 9.8% per year. Considering a total investment of approx. Ã¢âÂ¬ 41 mln., Ã¢âÂ¬ 24.6 will be financed with a loan free of redemption by ING Real Estate Finance with an average interest of 4.6%.
The Maagjesbolwerk in Zwolle was delivered last February and has a lettable surface of 6.450 mÃÂ². Mediamarkt uses 4.700 mÃÂ². Other letters are Ziengs shoes and bedstore HÃÂ¤stens. The Parijsplein is situated in the area Wateringse Veld in The Hague and will be delivered this month. The total lettable area is approx. 5.000 mÃÂ² with letters such as Albert Heijn, Lidl, Blokker, Bruna, Kruidvat and Zeeman. Most letting contracts will continue for another 9 and 10 years. Only with Q-Park, the company that manages the parking garage of Maagjesbolwerk, a contract of 20 years was made. Fortis Vastgoed will manage the real estate.