QRF, a Belgian REIT specialising in inner-city retail properties, has unveiled plans to expand into the Netherlands with the acquisition of a portfolio of assets for €28.8 mln.
The investor has acquired five retail premises, some with residential accommodation above, spread across a variety of city locations, including Den Bosch, Maastricht, Enschede, Nijmegen and Zwolle.
'This is an important next step for Qrf City Retail,' commented Qrf City Retail CEO, Anneleen Desmyter. 'Over the past year we have taken advice from Dutch market experts and gradually built up a network in the Netherlands. We are already working with major Dutch retailers and the economy in the Netherlands is running well. Statistics are pointing to economic growth, a drop in unemployment and a strong pattern of consumption.'
All the assets are leased to established concepts such as America Today, KFC, Mango and Only. According to QRF, the premises - covering a total area of 4,370 m2 - generate more than €1.38 mln in annual rental income.
The transaction lifts the fair value of the REIT's property portfolio to €280 mln.
