A consortium made up of ARC Real Estate Partners and a US-based private equity fund has acquired five shopping centres from a Dutch retail fund managed by CBRE Global Investors.
CBRE GI said on behalf of CBRE Dutch Retail Fund, it sold De Maasboulevard, Venlo; Shopping centre Corridor & Passage, Veenendaal; Mercurius Centrum, Assen; Shopping centre Stadhuispassage & De Stoep, Spijkenisse and Shopping centre Elzaspassage, Helmond.
No financial details were disclosed.
Two years ago, the core real estate fund set out a strategy to focus its portfolio on the most dominant retail locations in the largest Dutch cities.
The manager said the latest disposal is a final step in the repositioning process of the fund.
CBRE GI said over 75% of the fund’s portfolio is now allocated to prime high street retail and shopping centres in the seven largest cities in the Netherlands.
The fund is actively looking to reinvest capital through active portfolio management and acquisitions in dominant high street locations and selected shopping centres in the Netherlands, the manager said.