Blackstone buys 14 Dutch retail assets from CBRE GI

US asset management giant Blackstone has acquired 14 Dutch retail assets from CBRE Global Investors on behalf of its European retail platform Multi Corporation.

Financial details were not disclosed.

The assets will be added to Blackstone’s fourth European fund, Blackstone Real Estate Partners Europe IV.

The portfolio totals 107,500 m2 and comprises assets located across the Netherlands in Nootdorp, Utrecht, Leusden and other cities. Anchor retailers include Ahold, Blokker and H&M.

Jaap Blokhuis, CEO of Multi, said: ‘These assets are attractive, predominantly grocery-anchored, shopping centres. We will use our expertise and experience as a leading pan-European operator to invest in these centres and make them more attractive to both retailers and local consumers.’

The properties were held by CBRE Dutch Retail Funds. Commenting on the disposal, Jaap Demoed, fund manager of CBRE Dutch Retail Funds, said: ‘This is a significant disposal for the fund and is in line with our strategy to dispose of properties that do not fit the fund’s investment criteria in the long term. We continuously work towards strengthening the portfolio with active asset management. This sale meets the strategic objectives, allocation targets and long term goals of the fund.’

CBRE Global Investors was advised on the transaction by Cushman & Wakefield and Houthoff Buruma. Blackstone was represented by Loyens & Loeff, CVO, PWC, and CBRE with ING providing financing.

Blackstone completed the acquisition of European shopping centre developer Multi Corporation in October 2013 in what was one of Europe's largest real estate-related distressed transactions since the onset of the credit crisis. Under Blokhuis, Multi aims to boost the company’s assets under management to between €5-10 bn in the next three to four years.

See also interview with Jaap Blokhuis in the December edition of PropertyEU AND PropertyEU is hosting an Outlook 2015 Investment Briefing for the Dutch and European real estate markets in Amsterdam on 2 December. Click here for more information.