Rodamco Europe N.V. announces the divestment of retail units throughout the Netherlands to Beleggings Fonds Nederland, a group of private investors, for an amount of approximately €41 million. This amount is above latest book value. The divestment took place at a net initial yield of 5.1%.
The divestment consists of 70 retail units with a total GLA of approximately 18,000 m² and around 13 adjacent apartments in amongst others Venlo, Eindhoven, Dordrecht and The Hague. The divestment has been supported by real estate agent Kroese & Paternotte. The transaction is effective per 17 November 2006.
The divestment is in line with the policy of selling non-core investments and increases the focus of Rodamco Europe on high quality retail, primarily dominant shopping centers in key European cities. In July 2006 Rodamco Europe announced the divestment of a portfolio of assets in the Netherlands, including shop units and residential units.
Source: Rodamco Europe