Vastned, the European retail property fund focusing on venues for premium shopping, has sold a number of portfolios containing 21 Dutch retail properties for approx. 23 million.
The disposals are in line with the updated strategy which Vastned published on 14 September 2011. Focusing on the most popular shopping streets ('high streets'), Vastned responds to the trend that more and more consumers are looking for unique and authentic shopping experiences, and to retailers that are responding to this. This is why tenants opt for the best locations that combine excellent footfall and consumer spending.
In this context Vastned has disposed of a large number of properties in cities like Deventer, Nijkerk, Boxtel, Didam, Leiden and Rotterdam. These shops are leased to a wide range of independent retailers, but also to nationwide chains like Kruidvat, Zeeman and Wibra. The annual gross rental income is almost 1.8 million. The realised sales proceeds were above book value.
Approximately half the retail properties that were sold have meanwhile been transferred to the buyers. The remaining part is expected to be transferred at the end of the second quarter of 2012. The buyers are various private investors. This deal was completed with support of DTZ Zadelhoff, HB Kroese Paternotte and Hulshof Makelaars.
Taco de Groot, Vastned Chief Executive Officer: "This sale is the first step in the plan that was announced in September last year to sell retail properties totalling 90 million. The active sales policy of our team of retail specialists was instrumental to the success of these sales."