Almere, Netherlands: A shop building on one of Almere's busiest pedestrian streets has changed hands after eight years of active management. Savills Investment Management (Savills IM) has sold the fully let, 4,600 m² property on Stationsstraat to the Bouwinvest Dutch Institutional Retail Fund. The asset was sold on behalf of Savills IM's European Fund V Retail, and the price was not disclosed.
The building houses three long-standing international tenants, C&A, JD Sports and Courir, and carries EPC A+++ and BREEAM In-Use 'Good' certifications. Built in 1988 and renovated on a large scale in 2016, it was acquired by the fund in 2018. During the hold, Savills IM delivered an additional unit, secured several lease renewals and improved the building's sustainability profile.
"This disposal highlights continued strong demand for high-quality retail assets in key European markets. Our hands-on asset management approach, combined with our excellent local market expertise and network, enables us to unlock value and deliver attractive outcomes for our clients," said Edgar Hertog, Co-Head of Netherlands at Savills IM.
For investors and developers, the useful detail is who is buying. A Dutch institutional fund taking a fully let, high-certification high street asset suggests core capital is again prepared to pay for prime pedestrian retail with proven tenants. The release gives no price or yield, so the pricing remains unclear. The pattern is still instructive: the asset was bought after a major renovation, improved through unit creation and lease renewals, then sold into institutional demand. That is a repeatable route for owners of well-located retail who can add income and green credentials during the hold.
"Our careful and disciplined approach to asset selection has enabled us to achieve liquidity and deliver a successful exit for our institutional capital partners," said Ian Jones, Fund Director at Savills IM. European Fund V Retail holds high street, retail park and shopping centre assets across Europe and sits within Savills IM's wider €4.9bn retail portfolio of more than 380 assets in 12 countries. Savills IM manages €25.5bn of assets across Europe and Asia Pacific.
People mentioned
- Edgar Hertog, Co-Head of Netherlands, Savills Investment Management
- Ian Jones, Fund Director, Savills Investment Management
Image Source: Savills Investment Management
Companies mentioned
- Savills Investment Management, international real estate investment manager and seller of the Almere asset
- Bouwinvest, buyer through its Dutch Institutional Retail Fund
- C&A, fashion retailer and tenant
- JD Sports, sports fashion retailer and tenant
- Courir, footwear retailer and tenant
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