Sale of Progress' Dutch property portfolio almost complete (NL)

CB Richard Ellis today announced that it has advised Progress, the Unilever Netherlands pension fund, on the sale of 43 of the 54 property complexes it was instructed to sell across its Dutch portfolio. The portfolio has a total estimated value of more than €500 million.

Progress commissioned CBRE to sell the real estate portfolio, comprising 54 mixed-use, office and retail properties across The Netherlands, in January 2009 as part of Progress' strategy to invest more in indirect real estate funds rather than in direct real estate.

Thirty-five assets have now been sold and transferred to the new owners and eight assets have been sold but are yet to be transferred. The sold properties consist largely of residential-led mixed-use developments, comprising a range of residential units, garages and shops. In total, 1,720 residential units of varying sizes, 245 garages and 85 shops totalling approximately 16,000 m², and 24,000 m² of office space from the Unilever corporate headquarters, have been sold as part of this portfolio. In addition, nine assets are currently going through the due diligence process.

Eric Langens, Associate Director, Capital Markets for CBRE in the Netherlands, said: "In the current market, it is a challenge to successfully sell any large real estate portfolio. By splitting up the Progress portfolio and selling each property individually, we have managed to attract significant interest and many good offers for each individual property."

The marketing and sale of two shopping centres located in Oss and Tilburg, which are also part of the portfolio, are yet to commence.

Source: FD

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