McArthurGlen, Europe's leading owner, developer and manager of designer outlets, has entered into an agreement to purchase the Rosada Fashion Outlet in Roosendaal, the Netherlands from Resolution Property, the European value-add investor. The purchase is expected to complete in March 2017, subject to satisfaction of certain conditions. The new venture will see market leader McArthurGlen Group become the owner and manager of the popular 23,000m² centre.
Already a successful centre with over 1.2 million visitors in 2015, Rosada Fashion Outlet is currently home to 75 retail units with 120 brands represented including Nike, Puma, Esprit, Gerry Weber, Betty Barclay and Tom Tailor. The multi-award-winning McArthurGlen Group, which currently manages 22 centres in nine countries, already is an owner in and manages one of three (including Rosada Fashion Outlet) designer outlets in the Netherlands: Designer Outlet Roermond located in the south-eastern part of the Netherlands close to the German border.
The sale marks the successful conclusion of Resolution Property’s four-year repositioning and asset management strategy for Rosada. Since its acquisition by Resolution in late 2012, Rosada has seen close to 70 new lettings and renewals representing over 50% of the centre’s gross lettable area (GLA). Resolution opened Rosada’s 7,500m² Phase II extension in May 2016 to total more than 23,000m² of retail space, increased turnover by 54% and created a broader brand portfolio and a higher positioning.
Gary Bond, McArthurGlen’s Managing Director of Development, said: “The purchase of the Rosada Fashion Outlet reinforces our acquisition strategy, following on from our partnership with Thomas Dankbar at Ochtrup early last year. It forms part of our overall growth strategy which also focuses on greenfield development and organic growth. Rosada represents an exciting opportunity for our Group and we are looking forward to taking it to the next level in 2017.”
Scott ODonnell, partner at Resolution Property, said: “The sale is a great endorsement of our team’s value-add strategy, unlocking Rosada’s potential through creative asset management and positioning it for continued success under McArthurGlen’s ownership.”
Rosada Fashion Outlet is situated in the Netherlands, 30 minutes from Rotterdam, 20 minutes from Breda and 30 minutes from Antwerp and Belgium. The centre has an 18 million catchment area in 90 minutes. It features design and architecture typical of the region and is open air with the units arranged on ground floor level only with large single glazed facades.
The centre has 1,020 car parking spaces with a further 600 spaces which can be used at the nearby leisure park which is approximately 2 minutes’ walk away.
Advisors on the deal included Loyens & Loeff N.V. who provided legal advice to Resolution Property and Boekel N.V., Arnold & Porter LLP, Houthoff Buruma and Boels Zanders Advocaten provided legal advice to McArthurGlen. Cushman & Wakefield provided transaction support to Resolution Property and Crowe Horwath provided tax advice. Deloitte provided transaction and tax advice to McArthurGlen. Riskonet provided technical advice and support to McArthurGlen.