Why did Unibail-Rodamco sell the Vier Meren shopping centre near Amsterdam? PropertyEU spoke to John van Haaren, head of the group’s Dutch operations, about the reasons behind the disposal.

Why did Unibail-Rodamco sell the Vier Meren shopping centre near Amsterdam? PropertyEU spoke to John van Haaren, head of the group’s Dutch operations, about the reasons behind the disposal.

Listed European property giant Unibail-Rodamco disposed of the Vier Meren shopping centre in Hoofddorp near Amsterdam because of the multiple ownership structure of the retail centre of which the mall forms part. This prevented the company from rolling out its strategy for the area, John van Haaren, head of Unibail-Rodamco’s operations in the Netherlands, told PropertyEU.

The 27,000 m2 Vier Meren (Four Lakes) mall, which was sold to Dutch listed property company Wereldhave for €147.5 mln, is just one of a number of units in Hoofddorp's retail centre which comprises a total 74,000 m2. Other investors in the area include Dutch companies Kroonenberg (which owns the Markthof) and Dela (which owns the Polderplein).

Although the Vier Meren mall has always been presented by Unibail-Rodamco as a core asset with a dominant regional function, sufficient visitor numbers (six million annually) and the right consumer experience, the company decided to dispose of the asset because it could not implement its strategy for the surrounding area, Van Haaren said. ‘We decided to sell because we were unable to roll out our three-pronged strategy.’ That strategy consists of redesigning, retenanting and remarketing retail assets. ‘We want to be able to steer and implement our strategy for a larger whole,’ he added.

The sale of the 27,000 m2 mall is one of the biggest single-asset deals in the Netherlands over the past five years. Higher prices were only achieved in 2010 when Unibail-Rodamco sold the Koperwiek in Capelle aan den IJssel to Wereldhave for 207 mln and the Beursplein-passage in Rotterdam to Syntrus Achmea for €152 mln.

Unibail-Rodamco intends to retain its other Dutch shopping centres in Leidschendam (Leidschenhage), Zoetermeer (Stadshart Zoetermeer), Amstelveen (Stadshart Amstelveen) and Almere (Citymall) which it regards as core assets. Although the company also has to deal with other major investors in these locations, implementing its strategy is an easier process there, Van Haaren said.

Unibail-Rodamco is Europe's leading listed commercial property company with a portfolio valued at €30.5 bn at end-June 2013. The group owns 82 prime shopping centres in leading European cities.

Click on the hyperlink below for the Hoofddorp retail centre website