Europa Capital's Fund IV, in joint venture with its local partners, Pinnacle and Amsterdam City Properties, has disposed of seven retail warehouse parks across the Netherlands for €96 mln.
The portfolio, acquired between 2014 and 2015, comprises 886,463 sq ft (82,356 m2) of predominantly ‘bulky goods’ retail accommodation. PropertyEU understands that the buyer was French asset manager Sodify.
The retail parks are located in Amsterdam, Amersfoort, Duiven, Zaandam, Purmerend, Apeldoorn and Capelle aan den Ijssel. The portfolio produces a passing rent of €7.1 mln per annum, with 46% of this income deriving from the national do-it-yourself retailer, Praxis.
'This income producing portfolio was established, over a 14 month period, in order to capitalise on the recovering Dutch economy,' commented James Fortescue, a partner at Europa Capital. 'As predicted, the improvement in the housing market has directly contributed towards an increase in consumer demand for housing related goods and has, in turn, augmented international investors’ perception for this type of real estate.'
The seller was advised by CBRE and Dentons Boekel.
