Listed pan-European property investor Patrizia has acquired a portfolio of 145 retail, residential and office units in the Netherlands for around €340 mln.
Listed pan-European property investor Patrizia has acquired a portfolio of 145 retail, residential and office units in the Netherlands for around €340 mln.
The acquisition was carried out on behalf of institutional investors for Patrizia’s Dutch High Street Retail Fund 1.
The seller is DBN Groep, a privately owned investment business.
The portfolio comprises mainly retail properties - 107 in total - in prime shopping locations in urban centres such as the Kalverstraat in Amsterdam, Spuistraat in The Hague, Ketelstraat in Arnhem, Demer in Eindhoven, Eindstraat in Breda and Grote Houtstraat in Haarlem.
The package also includes 35 residential properties and three office villas. Around two-thirds of the retail properties are situated in the top 20 retail locations in the Netherlands. The main tenants include international retail chains such as H&M, Zara, C&A, Adidas, Vero Moda, Foot Locker and Apple as well as domestic chain stores and some regional retailers.
Patrizia said that as traditional city centres and their high street shopping areas are still the most important retail locations in the Netherlands, the acquired retail properties are considered highly safe investments.
‘These are the kinds of trade properties that will remain strong whatever happens with respect to long-term online shopping trends,’ said Peter Helfrich, managing director of Patrizia Netherlands. ‘The retail trade environment is going through a period of change, reflected by rising demand for top shopping locations, so this makes these properties excellent in terms of value retention,’ he added.
The deal expands Patrizia’s presence in the Netherlands, where the company acquired a portfolio of around 5,500 flats from a Dutch housing association last year in the biggest transaction in the Dutch property market to date.
