Pan-European retail property fund VastNed Retail has acquired 33 units in the Walburg shopping center in Zwijndrecht near Rotterdam for 40.5 million including purchase costs.
Walburg shopping center
The Walburg shopping center is the dominant shopping center of Zwijndrecht, offering a broad range of both everyday and non-everyday articles. The center comprises some 100 shops covering a total floor area of approx. 28,000 m², and has over 700 parking spaces at ground level and in the adjoining underground car park.
The 33 shops acquired by VastNed Retail are largely leased to national retail chains, including Jumbo, chemists Kruidvat, opticians Hans Anders and lingerie chain Hunkemöller. The total lettable floor area of the acquired part is approx. 14,000 m², and the annual rental income is approx. 2.8 million. The seller is Unibail Rodamco, with assistance from Cushman & Wakefield, and the net initial yield is approximately 6%.
Jacqueline van der Mispel, Director of VastNed Retail Nederland: "This acquisition is fully in line with VastNed Retail's strategy, which focuses on investing in both high street shops and strong shopping centers that are well embedded in the residential environment. The Walburg shopping center is existing property that has proved its value and thus meets this requirement."
Source: VastNed Retail