A fund managed by KGAL Investment Management has bought a Dutch shopping centre from a Tristan Capital Partners opprotunity fund and Timeless Investments.
Tristan’s EPISO 4 and Timeless have sold the fully-let 12,100 sqm Raaks shopping centre in Haarlem, the Netherlands, to the German fund manager’s KANSA Grundstücksgesellschaft fund for an undisclosed sum.
Jean-Philippe Blangy, the head of asset management at Tristan Capital Partners, said: “Tenant demand and customer footfall remains strong for well-located shopping centres like Raaks, and Haarlem has performed well over the past few years in terms of increased economic growth and spending power, a trend we continue to see across the Netherlands.”
The shopping centre, originally acquired as part of a wider portfolio from Generali in 2015, Tristan said.
Tim van Veggel, the managing partner at Timeless Investments, said: “This acquisition by a German fund clearly proves that this asset has been established as a high-quality retail shopping centre over the past few years which is a positive sign for the future and its new owner.”