PMT, the Dutch pension fund for workers in the metal industry, and Altera Vastgoed have sold the Stadshart Zoetermeer shopping centre to Dutch real estate manager PingProperties.

PingProperties said it acquired the asset in Zoetermeer city centre on behalf of its Daily Convenience Center IV portfolio from Altera and PMT’s investment manager MN.

Financial details were undisclosed.

The Stadshart Zoetermeer shopping centre includes 27,500sqft of retail space, 831 parking spaces and 48 apartments. The asset also offers the option of developing a residential tower block.

Luc Baas, fund manager at PingProperties, said the acquisition further expands the firm’s convenience retail portfolio.

“PingProperties believes in the power of district shopping centres, where active management and personal attention to retailers can add value. “The opportunities offered by the shopping centre, in combination with Zoetermeer’s strong catchment area, make a repositioning as a lively convenience centre an exciting challenge for our team,” Baas said.

Erwin Wessels, CIO of Altera, said: “By selling Stadshart in Zoetermeer, our convenience portfolio expands to over 87% and we further optimise the risk-return profile. The portfolio provides a stable direct return and is less sensitive to e-commerce and cyclical changes.”

George van Hooijdonk, manager of strategic partnerships at MN, said: “Stadshart Zoetermeer has for many years made a respectable contribution to the return within PMT’s retail portfolio. PMT has been the co-owner of the aforementioned property since the development of Stadshart.

”The development of a possible residential tower at the site of the former V&D is not MN/PMT’s core business. MN/PMT, too, is increasingly focusing on food and convenience real estate within the retail sector. Furthermore, the portfolio will be supplemented with new-build homes in the coming period.”

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