Rodamco Europe opens €57 mln. shopping center 'Spazio' (NL)

Rodamco Europe announces it opened its new shopping center 'Spazio' in Zoetermeer, the Netherlands on 29 Ocober by the Mayor of Zoetermeer, Mr. J. Waaijer, together with Mrs. K. Laglas, managing director of Rodamco Europe in the Netherlands. This new developent will complement the shopping center 'Stadshart Zoetermeer' adding around 15,000 m² GLA of new shopping space. The market value of 'Spazio', including retail, parking and offices, is €57 mln. and produces a net initial yield of 7.1%.

'Spazio' has a GLA of around 15,500 m² retail space spread out over 16 mostly large scale units, ca 6,400 m² of office space and an underground parking with room for more than 700 cars. The total retail space in 'Stadshart Zoetermeer', including 'Spazio', is ca 70,000 m² GLA, for 68% owned by Rodamco Europe and attracts 11 mln. visitors per year. The estimated value of Rodamco Europe's share in 'Stadshart Zoetermeer', including parking and office space, is €184 mln.

The total investment portfolio of Rodamco Europe in the Netherlands is valued around €2.9 bln. of which 86% is in the retail sector.
'Spazio' supports the upgrading of the city center and brings national and international retailers interested in large scale units, like H&M and Media Markt, to Zoetermeer.

CEO Maarten Hulshoff: "'Spazio' strengthens Rodamco Europe's position in the southern Randstad region of the Netherlands and is a clear illustration of our strategy to grow our standing portfolio by expanding and developing our high quality shopping centers throughout our home markets in Europe. With 'Stadshart Zoetermeer' already as one of our top 25 objects, 'Spazio' is a good example of an extension that provides extra space for new retail and brands, which will make shopping in 'Stadshart Zoetermeer' even more attractive."

The development of 'Spazio' was carried out in close co-operation with AMVEST who is responsible for the development of the 243 apartments located in 4 towers directly adjacent to 'Spazio'.

Source: Rodamco Europe

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