Rodamco Europe opens €97 million shopping center 'Vier Meren' in Hoofddorp (NL)

Rodamco Europe, the largest publicly listed property investment and management company in the retail sector in Europe, has opened its new shopping center 'Vier Meren' in Hoofddorp last Saturday 24 September. Hoofddorp is the central city of the rapidly expanding and economically active Haarlemmermeer area, part of the greater Amsterdam region. The regional shopping center 'Vier Meren' has been (re)developed and adds nearly 27,000 m² of new retail space to the city center of Hoofddorp. With 4.9 million visitors each year, 'Vier Meren' supports the upgrading of the city center of Hoofddorp, establishing itself as the prime shopping location for Haarlemmermeer's inhabitants.

The market value of 'Vier Meren' will be around €97 million, generating a net initial yield of around 6,4%; the yield on Total Development Costs (TDC) is 8,1%. The property portfolio of Rodamco Europe in the Netherlands is valued around €2,9 billion, of which 86% is in the retail sector.

CEO Maarten Hulshoff: "'Vier Meren' strengthens Rodamco Europe's position in the Netherlands and more specific in the greater Amsterdam region. We have worked very closely with local authorities who shared our ambition for 'Vier Meren'. This shopping center reflects our firm commitment to expand our dominant position in healthy urban areas."

The GLA of 'Vier Meren' is around 27,000 m², spread over various floors (basement, ground floor, first floor) and small- and large scale units (49 units in total) and an underground parking for 1,037 cars. The tenant mix is strong, with tenants like Albert Heijn, Esprit, Sting, ICI Paris XL, Free Record Shop, Oil & Vinegar, Blokker and C&A. The center consists of 3 buildings, each designed by a different architect, namely Lucas Ellerman van Vught, Rudy Uytenhaak and KCAP. The original 'Vier Meren' area was acquired in 1994 together with real estate company AMVEST. AMVEST is responsible for and owner of the development of in total 153 homes for rent in and next to the shopping center.

The responsible alderman of Hoofddorp, Mr Arthur van Dijk, has carried out the official inauguration of 'Vier Meren' together with Mrs Karin Laglas, managing director of Rodamco Europe in the Netherlands.

Source: Rodamco Europe

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