Crossroads Real Estate has acquired 38 stores operated by Dutch discounter Hema in one of the largest retail property deals in the Netherlands this year.
The vendor was IEF Capital Berlage Fund, a fund managed by IEF Capital, a joint venture of Bouwfonds Investment Management and Inflation Exchange Fund.
The transaction value was not disclosed, but PropertyNL, the sister publication of PropertyEU, says this was without doubt one of the largest transactions in the Dutch retail market this year. The portfolio comprises a total surface area of approximately 110,000 m2 and consists of Hema stores in Dutch urban district centres, as well as buildings in the centres of smaller Dutch cities and towns.
In a press release, the fund said that the sale enabled it to 'achieve its objective of owning a unique portfolio consisting solely of prime retail premises in the Netherlands'. The majority of the venture's remaining assets are located in Amsterdam, The Hague, Rotterdam and Utrecht.
Crossroads Real Estate is a pan-European real estate fund founded in mid-2015 by David Gillerman, former head of Och-Ziff Real Estate Europe. 'We are very actively looking at how we can add value to our new premises and on behalf of our tenants,' he said.
The fund launched with initial equity of €375 mln, with Amsterdam-based private investment group BXR Group acting as cornerstone investor. Other investors have since joined the fund, leading to a significant increase in available equity.
BXR is represented on the fund investment committee and holds a significant stake in the general partner (GP). The private investment group is owned by a number of North American and European investors, with Czech billionaire Zdenek Bakala as the largest single shareholder.
Crossroads has appointed CBRE as asset manager of the Hema portfolio.
