Vastned, the listed European retail property fund focusing on venues for premium shopping, has sold its 50% stake in shopping center Het Rond in Houten to co-owner Altera Vastgoed.
Taco de Groot, Vastned CEO, commented: "Shopping center Het Rond has always been a good investment for Vastned. However, we have sold this shopping center in line with our strategy, because Het Rond no longer fits in our portfolio, which is focused on the most popular shopping streets in the bigger cities with historic city centers. Due to the divestment Vastned increased its share of high street shops from 60% to 68% in The Netherlands."
René Hogenboom, CEO Altera Vastgoed, said: “As a sectoral property fund for Dutch pension funds we focus on Dutch property. Our retail portfolio of € 750 million is being expanded with the acquisition. As co-owner we know what we buy and will continue exploiting the shopping center and make further investments."
Altera and Vastned were both 50% owners of shopping center Het Rond, so that Altera was the logical buyer for Vastned's stake. The center comprises 111 retail units, 1 office space and 2 underground car parks. The total retail area is approx. 28,000 sqm and annually generates gross rental income of approx. € 6.6 million. Currently, the occupancy rate is 97.9%.
The properties Onderdoor 3-13, 4/4a and Spoorhaag 130-134 /Achterom 1-5 are not part of the property owned jointly with Altera Vastgoed, and therefore are outside the scope of this transaction. The shopping center is expected to be transferred on 1 October 2013. Vastned will use the proceeds to strengthen its balance sheet and acquire high street shops, like the recent acquisitions on P.C. Hooftstraat in Amsterdam and the cluster of high street shops in the luxury part of Cours de l’Intendance in Bordeaux.