CBRE Global Investors has sold a mixed-use complex in the northern Dutch city of Groningen to a local investor as part of its portfolio recycling strategy.
Financial details were not disclosed, but information filed with the Dutch land registry reveal a transaction price of €33 mln.
Known as the Waagstraatcomplex, the centrally located, 11,000 m2 scheme was held by the CBRE Dutch Retail Fund and comprises an office, residential units and 14 shops and hospitality units. It is fully leased.
Proceeds from the sale will be reinvested into other projects, including the Amsterdamse Poort development in the Dutch capital.
The CBRE Dutch Retail Fund is a non-listed fund managed by CBRE Global Investors with €1.3 bn assets under management. It invests in sustainable, scalable assets with a mix of different uses in city centres and urban neighbourhoods.
Cushman & Wakefield advised CBRE Global Investors on the deal, with Houthoff acting on the legal side. The purchaser, Vastgoed Groningen, was advised by law firm TRIP.
