Europa Capital and Pinnacle sell its Dutch Retail Warehouse Portfolio Europa Fund IV, in a joint venture with its local partners, Pinnacle and Amsterdam City Properties, has successfully disposed of seven retail warehouse parks across the Netherlands. The portfolio, acquired between 2014 and 2015, comprises 82,356 m² of predominantly ‘bulky goods’ retail accommodation.
The retail parks are located in Amsterdam, Amersfoort, Duiven, Zaandam, Purmerend, Apeldoorn and Capelle aan den Ijssel. The portfolio produces a passing rent of €7.1m per annum, with 46% of this income deriving from the national do-it-yourself retailer, Praxis.
James Fortescue, a Partner at Europa Capital, commented: “This income producing portfolio was established, over a 14 month period, in order to capitalise on the recovering Dutch economy. As predicted, the improvement in the housing market has directly contributed towards an increase in consumer demand for housing-related goods and has, in turn, augmented international investors’ perception for this type of real estate.”
The seller was advised by CBRE and Dentons Boekel.
