Dutch based pan-European property investment company VastNed Retail
expands its position in France by acquiring an inner city shopping centre in Dunkirk. This acquisition involves an amount of 30.1 mln. and will be realised at a 6.0% net initial yield.
In line with its goal to increase exposure in its core countries, VastNed Retail has realised an acquisition in France. Including purchase costs, the acquisition totals 30.1 million, increasing the total value of the French property portfolio to approximately 234 million. Net initial yield amounts to 6.0%.
The acquisition involves the shopping centre 'Centre Marine'
(www.centremarine.com), located in the heart of Dunkirk and measuring 10,260m² of lettable floor space. The centre comprises 23 shops and an in-house car park with 257 parking spaces. Centre Marine is anchored by supermarket chain ATAC and fashion retailer H&M. Furthermore the centre, which opened its doors in 2000,
counts Sephora, Armand Thierry and Okaïdi among its tenants. The seller is DB Real Estate Investment GmbH (Deutsche Bank Group).
Hans Pars, chief investment officer of VastNed Retail: 'This acquisition shows that outside Paris the property market is becoming more and more interesting. Rents in towns such as Dunkirk are not at a cut-throat level for tenants, enabling us to realise
reversionary potential in the future.'