Friday, 22 May 2015
Vastned acquires premium shopping building in Amsterdam for €108 mln (NL)
Vastned, the listed European property company focusing on venues for premium shopping, has acquired the building located on Kalverstraat 11-17/Rokin 12-16 in Amsterdam for € 108 mln. Forever 21 and Pull & Bear have their flagship stores in this building. With this acquisition, the share of premium city high street shops rises to 64%.
This acquisition comprises another step toward a portfolio comprising 75% premium city high street shops and raises the share in the Netherlands to 53% (year-end 2014: 45%) and to 64% for the full portfolio (year-end 2014: 60%), based on the most recent portfolio appraisal. Vastned will finance this acquisition from existing credit lines. After this acquisition, the loan-to-value will be approx. 45% based on the most recent portfolio appraisal.
This building is situated in a unique location. On one side is Amsterdam's popular shopping street Kalverstraat. All major international retailers, such as ZARA, H&M and Topshop have flagship stores here. On the other side is Rokin, a street that is gaining in popularity, where British department store Marks & Spencer and upmarket department store Haussmann will shortly open for business.