CB Richard Ellis today announced that it has acted on behalf of Investore Prime Retail, a joint venture between Investore Holding, Timevest and BreedInvest, to purchase the 'De Opgang/CAN Fase 1' arcade in shopping center Boven 't IJ, Amsterdam from ING Real Estate Development for 21.75 million.
De Opgang shopping center comprises approximately 8,600 m² of large and small-scale shops on two floors. The arcade is part of CAN Fase 1, located next to the starting point of the North-South metro, that is currently under construction. The complex is a part of a joint project between ING Real Estate Development and Ymere Housing Corporation which, in addition to the arcade, will include 40 rental homes and a car park with around 800 public parking spaces.
Krijn Taconis, Executive Director of Retail, The Netherlands, CBRE, said: "This development is the first phase of extension of the very popular shopping center, Buikslotermeerplein. It has a considerable catchment area (250,000 people) and large scale shops, especially the 6,000-m² Media Markt, promoting diversity and a focal point for retail in the region. We were commissioned to advise the buyer due to our reputation as well-established retail specialists in the area and our good relationship with ING Real Estate Development."
In total, 98% of the arcade has already been leased to retailers including Media Markt, Xenos, Big Bazar, Kentucky Fried Chicken, Bruna, Alles voor iedereen, Frequent Filler and Segafredo Espresso. Only one retail unit is still available.
Maarten Langeveld, Director, Investore, said, "Our investment strategy is aimed at strong retail locations with a proven catchment area and prominent businesses. The location of the 'De Opgang' arcade in the center of Amsterdam North's main shopping area and the current leases in place make this an interesting development for us."
The Centre Amsterdam North (CAN) will be completed by 2015 and will offer an ideal living, working and shopping centre for the local area.