Standard Life Investments acquires Netherlands Shopping Centre (NL)

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Standard Life Investments has acquired a retail asset in the Netherlands – the Oranjerie shopping centre – from Dutch investors Maré Elizen, founder of Elizen Vastgoed Groep, and Herman Jansen for around €50 million.

 

The 20,000m² shopping centre is in the heart of Apeldoorn, a key city in the Netherlands’ central region.   Current retailers include well-known brands, such as ZARA, H&M, New Yorker, Didi and Only. Q-Park operates a 560-space car park beneath the centre. 

 

Standard Life Investments plans to invest in a comprehensive refurbishment of the exterior and interior of Oranjerie, including the expansion of the centre’s food and beverage offer.  This upgrade will enhance the centre’s appeal for a broader range of leading international retailers, some of which are already in discussions with Standard Life Investments about their future space requirements.  

 

Daniel McHugh, Head of Continental European Real Estate, Standard Life Investments, commented: “Oranjerie is a strong centre in a good location with a solid track record.  We will be applying our extensive retail, development and asset management expertise to refresh and re-position the centre and capitalise on the robust underlying economic fundamentals in this market.”

 

DTZ Zadelhoff and Loyens & Loeff advised Standard Life Investments; while Shamrock Vastgoed and Houthoff Buruma acted for the vendors.

 

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