Pan-European retail property fund VastNed Retail has acquired 19 shops in Shopping Centre Overvecht in Utrecht and Zuidplein shopping center in Rotterdam for 29.1 million including purchase costs.
Shopping Centre Overvecht (www.scovervecht.nl) has a strong regional presence with approx. 110 retail units on 27,000 m² of retail floor area. All major national retail chains are represented; three supermarkets, C&A, H&M, Vera Moda and Hema act as anchors. 1,100 free parking spaces provide ample parking. The regional importance of the center may be further rolled out with the realisation of the expansion plans that would add approx. 8,000 m² of retail space.
VastNed Retail has acquired 15 shops in the Overvecht shopping center, which are let to retailers including electronics chain Dixons, lingerie chain Hunkemöller, confectioners Jamin and shoe discounter Scapino. The total lettable floor area is approx. 5,300 m², and the annual rental income approx. 1.4 million. The shops will be delivered at the end of October 2010 by seller Unibail-Rodamco.
VastNed Retail has also expanded its position in the Zuidplein shopping center in Rotterdam with four shops. With 155 shops on 55,000 m² and 12 million visitors per year, the Zuidplein shopping center is one of the largest in the Netherlands. All major national and international retailers, such as Saturn, V&D, New Yorker and C&A, are represented in the center (www.zuidplein.nl).
The four retail units acquired comprise 1,150 m² and yield an annual rental income of approx. 0.5 million. Tenants include chemist chain Etos (Ahold) and baby care specialist Prenatal. Seller is ING REIM.
These transactions will be concluded at a net initial yield of approx. 6% on average.
Reinier van Gerrevink, CEO VastNed Retail: "These acquisitions strengthen our position in the Netherlands, which has now reached a portfolio volume of over 735 million, and we are well on our way to investing the proceeds of the share issue of last autumn. Since this issue we have invested over 75 million in new acquisitions and completion of pipeline projects.
"The acquisition of these shops is highly attractive since upon delivery they will immediately contribute to the direct investment result per share."