The pan-European property investment fund VastNed Retail has sold a portfolio of non-core investments in the Netherlands for 36.2 million, which is slightly above book value as at March 31, 2009. The proceeds released by the sale will be used to strengthen the balance sheet.
The property portfolio sold comprised 21 properties located throughout the Netherlands. The occupancy rate of the portfolio was 97.7%, which was in line with the average. The occupancy rate of the Dutch property portfolio remains unchanged at 98.2%.
The annual rental income of the portfolio of 2.6 million was received from local, regional and national retainers and retail chains including Bruna, Blokker and Wibra. The properties in the portfolio are well-spread throughout the Netherlands, including Amsterdam, Bodegraven, Geldermalsen, Rotterdam, Stadskanaal and Zaandam. HB Kroese Paternotte supervised this sale on behalf of VastNed Retail. The buyer was represented by Hulshof Makelaars.
The sales proceeds, less sales costs incurred, will be used to repay debts, improving VastNed Retail's solvency by 1.0%.
Reinier van Gerrevink, chief executive officer of VastNed Retail: "This sale once again shows that there is still demand for well-spread retail property portfolios even in the present economic climate. This enables us to improve our focus on various partial markets and to realize a healthy circulation in our property portfolio."