Rodamco Europe N.V. has acquired six office buildings in shopping center Leidsenhage in Leidschendam, the Netherlands, from IEF Capital for an amount of approximately €24 million.
Rodamco Europe has the intention to convert the offices into retail units in future time. The transaction, which takes place at a net initial yield of 4.0%, is effective as of today. The net initial yield is expected to improve considerably due to temporary new office leases and furthermore as a result of the future redevelopment.
The 6 clustered buildings, varying in height from 2 to 6 floors, consist of a total GLA of approximately 30,000 m². Currently, the building has a total of 11 tenants. Rodamco Europe has the intention to convert the offices into retail units in future time, anticipating the possibility of further enlarging the retail offer of this popular shopping center.
Rodamco Europe already owns approximately 37% of the existing retail property in Leidsenhage.
Says Maarten Hulshoff, CEO of Rodamco Europe "This acquisition offers excellent opportunities to respond to the existing demand for large scale retail units and makes it possible to offer space to new tenants that are not yet present in Leidsenhage. That way, the attractiveness of the shopping center increases further for the consumer and forms the basis for potential value increase of our existing property."
Source: Rodamco Europe