Bakkenist & Emmens to start largest retailfund

Bakkenist & Emmens (B&E) has started looking for investors for “Het Vastgoed Winkelfonds” (The Real Estate Retailfund). For this fund 1115 shares are available at a price of € 16.250 each. This will be invested in shopping center Maagjesbolwerk in Zwolle and Parijsplein in The Hague. With a total investment volume of approx. € 41 mln., this fund will be the largest investment product ever introduced by B&E.

Although the non-listed Real Estate Retail Fund has an expected timeframe of 10 years, the investors will be able to trade their shares before that time. B&E is counting on an average dividend return of 8.3% per year. Including the sales profit the whole portfolio can have an average total return of 9.8% per year. Considering a total investment of approx. € 41 mln., € 24.6 will be financed with a loan free of redemption by ING Real Estate Finance with an average interest of 4.6%.

The Maagjesbolwerk in Zwolle was delivered last February and has a lettable surface of 6.450 m². Mediamarkt uses 4.700 m². Other letters are Ziengs shoes and bedstore Hästens. The Parijsplein is situated in the area Wateringse Veld in The Hague and will be delivered this month. The total lettable area is approx. 5.000 m² with letters such as Albert Heijn, Lidl, Blokker, Bruna, Kruidvat and Zeeman. Most letting contracts will continue for another 9 and 10 years. Only with Q-Park, the company that manages the parking garage of Maagjesbolwerk, a contract of 20 years was made. Fortis Vastgoed will manage the real estate.

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