Rodamco Europe N.V., the largest publicly listed property investment and management company in the retail sector in Europe announces the divestment of its properties in business park "Klaver Vier" situated in Papendorp - Utrecht, the Netherlands, to MaasBilt B.V. for an amount of 13.2 million. This amount is close to latest book value. The realized part of the project is sold at a net initial yield of 7.1 %.
The properties include a realized office/showroom building of about GLA 3,600 m², 298 parking places in the car park and a position for the development of about GLA 8,200 m² of mixed use buildings for offices and showroom space. The development project was part of Rodamco Europe's committed pipeline. This divestment is in line with Rodamco Europe's focus on top quality retail in key European cities.
For this project, Rodamco Nederland Kantoren B.V. and MaasBilt B.V. formed a general partnership "Combinatie Nieuwerijn VOF". As part of the transaction the cooperation between these two parties will be terminated. The transaction will be effective in the 3rd quarter of 2006.
Source: Rodamco Europe