CBRE Global Investors, acting on behalf of the CBRE Dutch Retail Fund, has sold five Dutch shopping centres to a consortium of ARC Real Estate Partners and a US-based private equity fund. The purchase price has not been disclosed.
The portolio includes:
1. De Maasboulevard, Venlo;
2. Shopping centre Corridor & Passage, Veenendaal;
3. Mercurius Centrum, Assen;
4. Shopping centre Stadhuispassage & De Stoep, Spijkenisse;
5. Shopping centre Elzaspassage, Helmond
The disposal is an important final step in the repositioning process of the Fund. Over 75% of the Fund’s portfolio is now allocated to prime high street retail and shopping centres in the seven largest cities in the Netherlands, supplemented by dominant convenience hubs. The Amsterdam portfolio constitutes the largest weight in the Fund, with 25% of the total gross asset value of the Fund that is being managed in this market.
CBRE Global Investors’ advisors were Cushman & Wakefield, CVO and Houthoff. ARC Real Estate Partners was advised by Azul Real Estate, Search and Loyens & Loeff.
