A German specialist fund manager has acquired a 11,700 m2 retail property in The Hague from three Dutch developers.
A German specialist fund manager has acquired a 11,700 m2 retail property in The Hague from three Dutch developers.
German investment manager Aachener Grundvermögen has bought a retail property in The Hague from three Dutch developers for €82 mln.
Market sources put the gross initial yield for the deal at 4.5%. The net initial yield - based on the fact that Aachener is buying the freehold on the property - comes out at around 4%. The deal closed at end-2013.
The building - known as de Markies - is being purchased from Movement Real Estate, Van Deursen Vastgoed and Built to Build, which redeveloped the property after buying it from Unibail-Rodamco three years ago.
Located on the corner of the Grote Marktstraat and Wagenhoek in the centre of The Hague, it comprises three retail units offering over 15,000 m2 and six apartments.
The deal with Aachener Grundvermögen covers two of the retail units - totalling 11,700 m2 - as well as the six apartments. The retail space is let to Zara (5,200 m2) and Marks & Spencer (6,500 m2). The third retail unit comprising 3,500 m2 and let to H&M was sold earlier to VastNed for around €20 mln. The latest deal brings the volume for the entire block to €100 mln.
The Zara unit is one of the Spanish fashion chain’s biggest flagship stores. The Marks & Spencer store is due to open on 19 February and marks a further step in the UK department store chain’s return to the Dutch market. Earlier this year, an M&S store opened in Amsterdam after a 13-year absence.
The vendor in the deal was advised by The McDevitt Company and Houthoff Buruma. Boekel De Nerée acted for the buyer.
Set up in 1973, Aachener Grundvermögen invests on behalf of Catholic church institutions and has €4.6 bn under management. The company is seeking to build up a real estate portfolio in the Netherlands and aims to make further acquisitions this year.