Vastned Retail acquires retail park Roermond (NL)

Dutch based pan-European retail property investor VastNed Retail has acquired Retail Park Roermond for €55.2 million. The retail park is a 'state of the art' retail warehousing development project, and will be delivered in the first half of 2008.

Retail Park Roermond will be realised on the north-eastern side of the city of Roermond, the Netherlands, and will house a range of retail branches. The park will have a gross floor space of 36,200 m² and 1250 parking spaces.

Construction has recently begun. For the larger part of the floor space, serious commitments have been received from and/or rent contracts agreed with national and international retain chains, including Media Markt. The average rental level is expected to be €105/m², bringing the total annual gross rental income to €3.6 million. Net initial yield will amount to approximately 6.0%. Retail Park Roermond is being realised by the local developer Van Pol Participaties in conjuntion with TCN Properties of Utrecht.

Source: VastNed Retail

Related News