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