MAB sells Haarlem Raaks shopping area to Generali

MAB Development and Generali Real Estate Investments have signed a sales agreement for the Raaks project in the centre of Haarlem, the Netherlands. The investment volume was not disclosed.

The agreement involves approximately 12,500 m² of shops, bars and restaurants and a Pathé cinema complex with six underground movie theatres. The shops will be opened to the public in mid-April.

In addition to retail outlets, catering facilities and a cinema complex, the Raaks project includes 192 apartments, the city's largest public parking garage with over 1,000 spaces, and new council offices of around 10,000 m².

The majority of the shopping area acquired by Generali as part of the Raaks project has already been leased. In addition to Pathé, other tenants include an Albert Heijn supermarket, Block Electrostore, Bruna, a Dirx drugstore and Duo Sport. Various cafés and restaurants will be opening around the Hortusplein, the central square of the Raaks area. As a result, the Raaks neighbourhood will be a prime new destination for living, working, shopping and leisure activities in the centre of Haarlem. The shopping area will be officially opened on 25 May.

The purchase of Raaks is part of Generali’s strategy of selective expansion and rejuvenation of the commercial portfolio through the acquisition of high-quality investments with a stable cash flow. Prime Pitch Asset Management and DLA Piper acted as Generali’s consultant and legal advisor during the transaction. MAB Development was advised by RechtStaete.