Pan-European designer outlet developer and manager McArthurGlen is buying the Rosada Fashion Outlet in the southern Dutch city of Roosendaal from Resolution Property for an undisclosed sum.
McArthurGlen said it planned to manage the 23,000 m2 centre, which comprises 75 retail units selling over 150 brands. McArthurGlen - which manages 22 centres in nine countries - already owns and operates Designer Outlet Roermond in the Netherlands, located close to the German border.
'The purchase of the Rosada Fashion Outlet reinforces our acquisition strategy, following on from our partnership with Thomas Dankbar at Ochtrup early last year,' commented Gary Bond, McArthurGlen's managing director of development. 'It forms part of our overall growth strategy which also focuses on greenfield development and organic growth. Rosada represents an exciting opportunity for our Group and we are looking forward to taking it to the next level in 2017.'
'The sale is a great endorsement of our team’s value-add strategy, unlocking Rosada’s potential through creative asset management and positioning it for continued success under McArthurGlen's ownership,' added Scott ODonnell, partner at Resolution Property, which owned the asset for four years. Since 2012, Rosada has seen close to 70 new lettings and renewals representing over 50% of the centre’s gross lettable area (GLA). Resolution also opened Rosada’s 7,500 m2 Phase II extension in May 2016 and increased turnover by 54%.
Loyens & Loeff provided legal advice to Resolution Property, while Boekel, Arnold & Porter, Houthoff Buruma and Boels Zanders Advocaten provided legal advice to McArthurGlen.
Cushman & Wakefield provided transaction support to Resolution Property and Crowe Horwath provided tax advice. Deloitte provided transaction and tax advice to McArthurGlen. Riskonet provided technical advice and support to McArthurGlen. The deal is expected to close in March 2017.
