Rodamco Europe acquires Stadshart Amstelveen for €296 mln. (NL)

Rodamco Europe has acquired 'Stadshart Amstelveen' (Amstelveen City Center), the Netherlands from Commerz Grundbesitz Investmentgesellschaft mbH for an amount of €296 mln. 'Stadshart Amstelveen' is one of the top shopping centers in the Amsterdam region and includes approx. 48,000 m² of retail space, including restaurants, 1,591 parking spaces and 2,800 m² of offices. Rodamco Europe acquired the shopping center at an average net running yield of 5.9% (year 1-3). Transfer of ownership took place early this morning.

The purchase of 'Stadshart Amstelveen' is fully in line with Rodamco Europe's strategic focus of acquiring dominant shopping centers in key cities in Europe. Rodamco Europe hereby extends its position in the Amsterdam region, where it already owns 'de Vier Meren' in Hoofddorp, City Center Almere, property in Buikslotermeer and high street locations in the city center of Amsterdam.

Ownership and retail management are combined to grow the asset's value, contributing to consistent growth in shareholder value. The acquisition fits with Rodamco Europe's systematic divestment of non-core assets such as offices and retail on less strategic locations in favor of quality retail properties. It will enhance the quality, long-term potential and risk profile of the investment portfolio.

Says CEO Maarten Hulshoff: "The acquisition of 'Stadshart Amstelveen', with its strong tenant mix within the Amsterdam catchment area is a good strategic fit with Rodamco Europe's existing retail portfolio. Rodamco Europe is very pleased with this acquisition and through our retail management capabilities we are convinced we will be able to add further value to this leading center."

The Amstelveen shopping center will be the third largest asset within Rodamco Europe's total investment portfolio behind La Part-Dieu in Lyon and the recently acquired Donauzentrum in Vienna. It will be the largest asset in the Dutch investment portfolio. Following a complete refurbishment in the late 1990s, it has developed into a dominant shopping center located in a large, affluent catchment area of over a million residents.
The income index in Amstelveen is 25% above the Dutch average and the shopping center has an almost 100% occupancy rate since the re-opening in the late 1990s.

The tenant mix is strong, including Dutch department stores such as De Bijenkorf, an Albert Heijn supermarket and around 170 specialty stores, with strong brands like Blokker, Claudia Sträter, Douglas, Esprit, H&M, MEXX, Timberland, and WE. With its good parking and public transport facilities, 'Stadshart Amstelveen' welcomes well over 7 million visitors every year.

There is potential to further improve the tenant mix, the look and feel of the shopping center and the parking situation. This in combination with a reversionary potential of approx. 15% gives Rodamco Europe ample opportunity to make 'Stadshart Amstelveen' an even more attractive shopping center for retailers and customers, and to improve performance through active retail management and expertise.

Source: Rodamco Europe

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