Rodamco Europe N.V. has signed an agreement with Provast for the acquisition of the commercial space in Markthal in Rotterdam, including the first covered market hall in the Netherlands. The Markthal will be acquired for approximately €28 million with an expected net initial yield of 6.5%.
Located at the Grote Markt, next to the Hoogstraat in the Laurenskwartier, Provast is developing the Markthal. An innovative and unique project in which the first covered, permanent food market in the Netherlands is an important aspect.
At the market 100 largely permanent stands will be realized for a total of 1,900 m² GLA, which will be operated by 65 tenants. In addition the Markthal includes approximately 3,000 m² GLA retail space and 1,600 m2 GLA restaurants on the ground and first floor, an underground supermarket of 1,800 m² and underground parking with 1,100 parking spaces. The Markthal is designed as an arched building, including 246 residential units in the arch.
Maarten Hulshoff, CEO Rodamco Europe: "With the acquisition of the Markthal Rodamco Europe presents itself again as a progressive investor in dominant urban areas. The development of the Markthal anticipates a specific need from the retail market and takes advantage of the enormous potential of this location in the city. With the Markthal we invest in a new type of retail in the Netherlands, which has proven successful in surrounding countries for many years."
The Markthal is expected to come into operation late 2009 and will be delivered turn-key to Rodamco Europe. Architect agency MVDRV in Rotterdam is responsible for the design. The Markthal is being developed by Provast in The Hague, the Netherlands.
Source: Rodamco Europe in the Netherlands