Deutsche Asset & Wealth Management (DeAWM) has agreed to sell Kalvertoren, a struggling shopping centre on Amsterdam's premier shopping high street, for €117 mln, well-informed sources have confirmed to PropertyEU.
Deutsche Asset & Wealth Management (DeAWM) has agreed to sell Kalvertoren, a struggling shopping centre on Amsterdam's premier shopping high street, for €117 mln, well-informed sources have confirmed to PropertyEU.
Dutch developer-investor group Kroonenberg has emerged as the preferred buyer in a sales process managed by Savills on behalf of DeAWM.
The sale is believed to have attracted massive attention both domestically and internationally, with at least 100 parties expressing an interest. Kroonenberg was not the highest bidder but won partly because it could act quickly without acquisition finance. Redevco and Bouwfonds, two other Dutch real estate players, and international investors are understood to have submitted lower bids in the final stage of the process.
DeAWM is believed to have decided on the sale because it was not prepared to fund the multi-million-euro refurbishment required to return Kalvertoren to competitiveness.
Both DeAWM and Savills declined to comment but PropertyEU has learned that Kroonenberg and DeAWM are to sign a sale agreement early next week.
Kalvertoren was developed in 1997 by Multi Vastgoed, the Dutch arm of the European shopping centre specialist Multi Corporation which is now owned by Blackstone.
Kalvertoren fronts onto Kalverstraat, the main shopping high street in the centre of Amsterdam. The centre comprises 11,500 m2 of retail space over a ground floor and two upper levels as well as about 30 apartments.
The tenants include international brands such as H&M, Replay, Mango, Dixons, Swatch and America Today. Despite its prominent location, Kalvertoren has struggled with vacancy and declining retail levels in the last five to six years. Getting foot traffic to the two upper levels of the centre has been particularly difficult, resulting in leasing problems. Rental levels for shops in the vicinity of Kalvertoren increased last year, while rents in the Kalvertoren fell, according to PropertyNL - PropertyEU's sister publication.
