Financial services group MN has acquired a retail portfolio for €125 mln on behalf of the pension fund for the Dutch metalworking and engineering sector PMT.
The Terra Portfolio was purchased from Syntrus Achmea Real Estate & Finance, which acted on behalf of the owner BPL Pensioen. It consists of three neighbourhood shopping centres in Rotterdam, Utrecht and Nieuw-Vennep and two inner-city stores in Almere and Enschede with a total area of around 34,000 m2.
BPL Pensioen is selling the portfolio as retail investments no longer fit in with the its strategic objectives. Proceeds from the sale will be reinvested in residential assets.
MN was advised on the purchase by Amsterdam-based Retail Capital, law firm BarentsKrans and Colliers International Valuations. Syntrus Achmea Real Estate & Finance was represented by CBRE and law firm Houthoff.
