Rodamco Europe sells outlet shopping center Batavia Stad in Lelystad (NL)

Rodamco Europe N.V. has announced the divestment of Batavia Stad, the 'Outlet Shopping Center' in Lelystad in the Netherlands, to Bakkenist & Emmens for an amount of approximately €38 million. This is slightly below latest book value. The divestment took place at a net initial yield of 5.6%.

The sale of Batavia Stad includes 68 retail units with a GLA of approximately 14,700 m² and adjacent parking space. The transaction is effective per 20 December 2006.

The sale is in line with Rodamco Europe's policy of divesting non-core investments and increases Rodamco Europe's focus on high quality retail, primarily dominant shopping centers in key European cities. Batavia Stad outlet center is a specific form of retail which needs a unique management approach and tenants network.

Source: Rodamco Europe

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