Convenience retail real estate specialist, Mitiska REIM, has acquired the Trefbox Venlo retail convenience centre in the Netherlands from HighBrook investors.
Financial details were not disclosed.
Acquired in a joint venture partnership with Everglow Real Estate, Mitiska REIM plans to redevelop the centre into a modern and sustainable convenience retail hub for the city and wider catchment area.
Located in the city of Venlo, close to the Dutch-German border, Trefbox Venlo is situated in an established commercial zone and close to residential areas, with direct access to the A67 motorway which connects the Netherlands and Germany. Because of its strategic location, footfall comprises a mix of local, regional and cross-border shoppers.
The centre currently comprises 13 retail units with a gross leasable area (GLA) of 12,120m2 and parking for more than 1,000 cars as part of a wider complex. Food-anchored by an Albert Heijn XL supermarket, other tenants include a C&A fashion store, a Xenos home and gift articles store and Kruidvat drugstore.
Mitiska REIM plans to renovate the facades, roof and internal layout, increase the GLA by 250 m2, and optimise the tenant mix which will include new tenants like Action and a vanHaren shoe store.
In terms of sustainability, the works will include the installation of solar panels on the roof area and LED lighting throughout the centre, the introduction of green leases with tenants, with the renovation targeting a “Very Good” BREEAM certification.
Marcel Kokkeel, managing partner at Everglow Real Estate, said: 'We are delighted to extend our partnership with Mitiska REIM beyond Retail Park Arnhem to include this latest retail convenience centre. As the current asset manager of Trefbox Venlo, we see significant value-add opportunities for the asset.'
Bart Rabaey, chief investment strategy officer at Mitiska REIM, added: 'Trefbox Venlo is a great example of the type of asset we are targeting with our latest fund, MEREP 3. By keeping dry powder during volatile times, we continue to find significant opportunities to make off-market acquisitions of both properties and portfolios on attractive terms with value-add potential.'
