US private equity group Blackstone has sold a 14,600 m2 shopping centre near The Hague in the Netherlands to German fund manager Real IS.
Financial details were not disclosed, but according to the Dutch land registry the Parade mall changed hands for €53.4 mln. Savills has been appointed to manage the shopping centre.
Blackstone acquired the Parade as part of a portfolio of 14 Dutch shopping centres from CBRE Global Investors in 2014. The malls were subsequently integrated into the group's retail platform Multi Corporation and repositioned.
The Parade mall opened in 2003 in the centre of Nootdorp, some 10 kilometres from The Hague. The centre houses three supermarkets and a 1,000 m2 Action store, as well as a three-storey parking garage.
Active buyer
Real IS, the real estate asset management arm of German bank BayernLB, has been very active in the Dutch market in recent months. Earlier this year it acquired the three-building Zuiderhof Paviljoens office complex in Amsterdam's Zuidas business district from CBRE Global Investors for €46 mln. It also purchased the Alpha Tower in Amsterdam from German fund manager Commerz Real.
The last major retail deal to be carried out by Real IS in the Netherlands was in 2015 when it purchased the assets housing Media Markt and Decathlon (totalling 14.000 m²) in Amsterdam from CBRE GI for €34 mln.
