Patrizia Immobilien AG has acquired a premium property portfolio for €340 mln, encompassing 145 retail, residential and office units in the Netherlands.
The transaction was completed through its subsidiary Patrizia Netherlands and carried out on behalf of institutional investors for a special property fund called Patrizia Dutch High Street Retail Fund 1. “This off-market transaction has demonstrated once again that our European structure puts us in an ideal position to identify attractive investment options on behalf of our customers, even beyond on-market options,” said Wolfgang Egger, CEO of Patrizia Immobilien AG.
The acquired portfolio includes 107 retail properties alone, in prime urban centre shopping locations. These include Kalverstraat in Amsterdam, Spuistraat in The Hague, Ketelstraat in Arnhem, Demer in Eindhoven, Eindstraat in Breda and Grote Houtstraat in Haarlem. The package also includes 35 residential properties and three office villas. Around two thirds of the properties stand in the top 20 retail locations in the Netherlands and main tenants include international retail chains such as H&M, Zara, C&A, Adidas, Vero Moda, Foot Locker and Apple, along with domestic chain stores and regional retailers.
Traditional city centres and their high street shopping areas are still the most important retail locations in the Netherlands, primarily due to strict approval processes and official regulations. As a result, the acquired retail properties are considered highly safe investments in the most important shopping areas in the country.
“These are the kinds of trade properties that will remain strong whatever happens with respect to long-term online shopping trends,” stated Peter Helfrich, managing director of Patrizia Netherlands.
“The retail trade environment is going through a period of change, reflected by rising demand for top shopping locations, so this makes these properties excellent in terms of value retention.”
Source: Patrizia
