Redevco has acquired a 5,540m² retail unit from Investore for €28.5m. The former Donner building is located right in the heart of Rotterdam’s prime retail pitch and provides good opportunities to add significant value to the unit through active asset management.
Andrew Vaughan, CEO of Redevco said: “The size of the building suits the strong demand from fashion retailers looking for large-scale units in Rotterdam. Neighbouring retail properties are currently under development and we strongly believe these works add to the over-all attractiveness of the location.”
Redevco plans to re-develop the property, which has a rich history, transforming it into a retail space better equipped for the current and future retail requirements.
Rotterdam is the second largest city in the Netherlands with approximately 625,000 inhabitants. The city, with a total retail floor area of approximately 723,860m², is becoming increasingly popular as a tourist destination.
In this transaction Redevco was supported by legal and technical advisers DLA Piper and Fortrus. Investore was advised by Houthoff Buruma.
