Delta Lloyd is selling a Dutch retail property portfolio to Tristan Capital’s latest fund.

The Dutch insurance group is offloading 15 shopping centres for €273m ($298m).

Tristan is buying the assets for its value-add/opportunity European Property Investors Special Opportunities 4 (EPISO 4) fund.

The 120,400sqm portfolio is the manager’s second purchase for the fund in the Netherlands. 

The deal is expected to close before year-end.

Ali Otmar, managing director of investments at Tristan, said: “Well-located retail assets like these will benefit as consumer confidence improves.

This portfolio combines a solid, convenience-focused tenant base serving good catchments areas with plenty of asset management opportunities.”

The 15 properties, mainly in the Randstad, are let to tenants including Ahold, Hema and Blokker. 

The portfolio includes properties in Amstelveen, Geleen, Maastricht, Rijswijk and Utrecht.

Ten of the assets are convenience-based shopping centres, while five include strips of high street shops in smaller cities.

Amsterdam-based Sectie5 Investments, which has co-invested in the portfolio, will asset manage the properties.

In September, Tristan Capital spent around €212m on a portfolio of Dutch property assets from Generali Real Estate.

The deal was the company’s first in the Netherlands for a “number of years”, according to Otmar.

The manager this year raised €1.5bn for EPISO 4, with 34 investors from the US, Europe and the Asia Pacific region backing the fund.