Rodamco Europe N.V. is divesting its stake in the Maastricht Exhibition and Conference Center (MECC) in Maastricht, the Netherlands. The Maastricht City Council has approved the sale and as a result, Rodamco Europe will sell the hotel, North, South Central and West Halls, office buildings, part of the parking facilities and the Central hall to Annexum Invest B.V. for â¬70.6 million.
The amount is equal to Rodamco Europe´s book value (as per 31 December 2004). The net initial yield is 7% based on the present rental income.
The divestment is fully in line with Rodamco Europe´s strategic sale of offices and other types of non-retail properties during the last years. The investment strategy of Rodamco Europe is pre-dominantly focused on the retail sector in major European cities.
As part of the joint venture agreement between the owners in 1986, approval for the sale was required from Maastricht City Council. The permission has now been granted and the aim is to transfer the legal ownership in the 2nd quarter of 2005.
Source: Rodamco Europe